Commerce Bancshares rises after Raymond James upgrades to 'outperform'

Commerce Bancshares

17/04/2024 16:57

** Shares of regional lender Commerce Bancshares  CBSH.O 
rise as much as 2.8%, last up 1.7% at $52.92
    ** Raymond James upgrades CBSH to "outperform" from "market
perform" after impressive Q1 results; establishes PT of $61, a
17.3% upside to the last close
    ** Brokerage believes CBSH's history of superior
underwriting standards will drive incremental investor interest
    ** CBSH well-positioned for a higher-for-longer rate
backdrop with Fed's interest rate cuts getting pushed back
continuously - Raymond James 
    ** Brokerage believes CBSH shares deserve a steeper premium
valuation to peers given its superior profitability, balance
sheet safety and attractive growth prospects
    ** One of eight brokerages covering the stock rate it "buy"
and seven "hold"; their median PT is $55.50 - LSEG data
    ** CBSH shares down 1.5% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))