Canadian Imperial Bank of Commerce (NYSE:CM) saw its price target raised by BMO Capital to C$107 and was given an Outperform rating. The bank’s shares have surged about 30% in the past six months. BMO attributed the increase to better-than-expected earnings and strong performance in Capital Markets.

CM reported cash operating earnings per share of $2.16, exceeding BMO’s forecast by 9% and Wall Street’s estimate by 8%. Trading revenue in Capital Markets also outperformed, reaching $567 million. The bank had a return on equity of 14.2% and announced a 20 million share buyback program.

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Read more at Yahoo Finance: BMO Capital Boosts Canadian Imperial Bank of Commerce (CM) PT to C$112