CIBC Capital Markets
CIBC World Markets Inc.
CIBC Capital Markets is the investment banking and capital markets arm of Toronto-based Canadian Imperial Bank of Commerce, operating through CIBC World Markets Inc. in Canada and CIBC World Markets Corp. in the United States. Its equity research centers on Canadian and cross-listed companies.
Company history
The business dates to CIBC's 1988 purchase of a majority stake in Wood Gundy, a Toronto dealer founded in 1905, after which it formed CIBC Wood Gundy. CIBC bought U.S. broker Oppenheimer & Co. in 1997, creating CIBC Oppenheimer and then CIBC World Markets. In January 2008 it sold its U.S. investment banking, equities and equity research businesses to Oppenheimer Holdings. The unit now operates under the CIBC Capital Markets brand.
- 1905Wood Gundy founded in Toronto
- 1988CIBC acquired majority stake in Wood Gundy
- 1990Acquired much of Merrill Lynch's Canadian securities business
- 1997Acquired U.S. broker Oppenheimer & Co.
- 2008Sold U.S. capital markets businesses to Oppenheimer Holdings
Research
In 2021 CIBC's equity research group had 25 analysts covering more than 295 Canadian-listed companies, alongside portfolio strategy, technical and ESG research. Stocks are rated Outperformer, Neutral or Underperformer relative to similar stocks in the coverage universe over 12–18 months, with Tender, Not Rated and Restricted used in special cases. Sector ratings compare industries with the S&P 500 in the U.S. and the S&P/TSX Composite in Canada.
Coverage12M
- Stocks
- 159
- Ratings
- 220
- Price targets
- 106
- Median upside
- +25.7%
- Upgrades
- 16
- Downgrades
- 7
- Initiations
- 10
- Reiterations
- 187
- Targets raised
- 54
- Targets cut
- 25
- Positive65%99
- Neutral35%53
- Negative1%1
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 MEOHMethanex Corporation | Outperform | $71 |
 BEPBrookfield Renewable Partners L.P. | Outperform | $41 |
 TFIITFI International Inc. | Outperform | $172 |
 NEMNewmont Corporation | Outperform | $170 |
 BBarrick Mining Corporation | Outperform | $57 |
 AEMAgnico Eagle Mines Limited | Outperform | $285 |
 CLSCelestica Inc. | Outperform | $500 |
 WMWaste Management, Inc. | Neutral | $244 |
 XIFRXPLR Infrastructure, LP | Neutral | $12 |
 AQNAlgonquin Power & Utilities Corp. | Neutral | $6.50 |
Analysts24M
- Kevin ChiangTFII · CAE · CP7
- Mark JarviAQN · BEP · CWEN7
- Anita SoniNEM · AEM · KGC7
- Hamir PatelMEOH · MERC · CF7
- Cosmos ChiuPAAS · HL · SSRM4
- Todd CouplandCLS · DDOG · RBRK3
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| EXEndeavour Silver Corp.EXK | Downgrade | Outperform →Neutral | Sep 22 |
| ORORZCF | Upgrade | Neutral →Outperform | Sep 20 |
| DTDTLIF | Downgrade | Outperform →Neutral | Sep 11 |
| NNNNWWF | Reiterate | Outperform | Sep 10 |
| AYAYASF | Reiterate | Outperform | Sep 10 |
| DPDPMLF | Reiterate | Neutral | Sep 9 |
| NTNTIOF | Reiterate | Outperform | Sep 3 |
| GFGFL Environmental Inc.GFL | Reiterate | Outperform | Aug 31 |
| RBRubrik, Inc.RBRK | Reiterate | Outperform | Aug 31 |
| AAAAVVF | Reiterate | Neutral | Aug 28 |
| ENEnbridge Inc.ENB | Upgrade | Neutral →Outperform | Aug 27 |
| WCWCPRF | Reiterate | Outperform | Aug 27 |
Similar coverage12M
References
- CIBC Capital Markets – Wikipediaen.wikipedia.org
- CIBC Announces Senior Executive Leadership Changes (PR Newswire, 2025)prnewswire.com
- CIBC World Markets 2024 Equity Outlook – stock and sector rating systemresearchcentral.cibccm.com
- CIBC Annual Accountability Report 2008 – sale of U.S. businesses to Oppenheimercibc.com
- 50 Leading Women in Hedge Funds 2021 – Giorgia Anton, CIBC Capital Marketscfm.com