The Globe and Mail reports in its Wednesday, June 25, edition that Canaccord Genuity analyst Matthew Lee has reaffirmed his "hold" recommendation for Canadian Imperial Bank of Commerce. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lee continues to target the shares at $96. Analysts on average target the shares at $100.48. In a report released titled "Prepared for the Worst, but Still Hoping for the Best," Mr. Lee reaffirmed his positive outlook on Canada's banks, although he warned they are entering "opaque waters." Mr. Lee says in a note: "Q2 was a quiet quarter for the banks. Each of the Big 6 delivered solid PTPP numbers. ... This positions the industry to weather uncertainty and, of course, leaves room for releases in the future if geopolitical tensions ease and global macroeconomic conditions improve. In contrast to the firms' conservative actions on credit, we found management commentary to be fairly optimistic across the board. Most of the banks highlighted an acceleration of corporate, investment and commercial banking as near-term areas of earnings growth with the predominant view being that impaired credit will be manageable for the back half of the year, with a PCL step down in F26."