UBS Upgrades CIBC

The Globe and Mail, Angela Barnes, 5 July 2006UBS Securities Canada Inc. has upgraded Canadian Imperial Bank of Commerce to �buy� from �neutral,� saying it feels the risk-reward on the bank is attractive. �While revenue concerns remain at the forefront, recent underperformance sees it trading near 11 times earnings and we continue to see upside in the cost savings story,� said UBS analyst Jason