Updates on your Conservative stocks: CIBC, Molson Coors Canada, & Finning International

Article Excerpt

CANADIAN IMPERIAL BANK OF COMMERCE $61 (www.cibc.com) is a buy. The bank has agreed to settle a lawsuit launched by hedge fund Cerberus Capital Management, which accused CIBC of defaulting on payments related to a limited-recourse note that the bank issued in 2008. CIBC will pay $770 million U.S., which is equal to 57% of the $1.84 billion (Canadian), or $1.94 a share, it earned in the quarter ended January 31, 2023. CIBC is a buy. MOLSON COORS CANADA INC. $74 (www.molsoncoors.com) is still a hold. Molson continues to benefit from the reopening of bars and restaurants. It has also raised its selling prices to offset higher costs for raw materials and transportation. As a result, sales in the fourth quarter of 2022 rose just 0.4%, to $2.63 billion U.S. from $2.62 billion U.S. a year earlier. Cost controls helped lift earnings per share by 60.5%, to $1.30 U.S. from $0.81 U.S. Molson Coors is a hold. FINNING INTERNATIONAL INC. $36 (www.finning.com) is a buy. The company continues to benefit as the re-opening…