CIBC Q4 2007 Earnings

RBC Capital Markets, 7 Decembber 2007We are lowering our 12-month target price per share from $105 to $95, based on lower valuation multiples and lower estimated excess capital in 12 months. Our new 12-month target price implies a forward P/E multiple of 10.0x, compared to the current trading multiple of 9.4x.We are modeling $2.3 billion in pre-tax writedowns in Q1/08 related to unhedged and