The Globe and Mail reports in its Friday, Aug. 29, edition that TD Cowen analyst Mario Mendonca viewed CIBC's third quarter report positively, noting stability in provision for credit losses (PCLs), and strong growth in personal and business banking pretax, preprovision, and ongoing net interest margin expansion. The Globe's David Leeder writes in the Eye On Equities column that Mr. Mendonca added in a client note: "In our view, results support a P/E in line with the group. CIBC repurchased 5.5mm shares and announced a 20 million share NCIB [normal-course issuer bid]. We raised our estimates approximately 4 per cent following results." On Thursday CIBC reported adjusted earnings per share for the quarter of $2.16, up 12 per cent year-over-year and topping both Mr. Mendonca's $2.04 projection and the consensus forecast of $2.01, with trading revenue, underwriting and net interest income all ahead of expectations. Mr. Mendonca gave his share target a $7 boost to $117. Analysts on average target the shares at $108.30. Mr. Mendonca adds: "CIBC continues to deliver solid absolute and relative NII growth and NIM performance. Higher rates, improving loan mix, and a focus on margin over volumes continue to support NIM."