The Globe and Mail reports in its Wednesday, March 5, edition that TD Cowen analyst Mario Mendonca thinks Canadian bank valuations "no longer look rich," however, he cautions "multiples are not sufficiently low to step in front of the downside presented by tariffs." The Globe's David Leeder writes that Mr. Mendonca reiterated his "buy" on Canadian Imperial Bank of Commerce. Mr. Mendonca cut his share target by a loonie to $99. Analysts on average target the shares at $95.03. Mr. Mendonca says in a note: "CIBC delivered another solid quarter of strong PTPP growth despite elevated U.S. spending. Recent results showcased good growth in market-sensitive, higher ROE business and the company reported solid credit metrics as well as credit guidance. Although the company lowered its ROE target to 15 per cent or more (16 per cent plus previously) in Q4/24, management has outlined various drivers to arrive at the target ROE including share repurchases. CIBC repurchased five million shares in Q4/24 and 3.5 million in Q1/25 through its NCIB initiated in Q3/24. We view CIBC's current ROE favourably relative to several peers and we believe the bank's business mix should support an ROE 100-150 basis points higher in the medium term."