Piper Sandler analyst Nathan Race lowered the firm’s price target on Commerce Bancshares (CBSH) to $62 from $64 and keeps a Neutral rating on the shares. While shares’ 24% underperformance vs. the KRE since year-end 2024 has resulted in a relatively attractive valuation compared to the past several years, the firm stays on the sidelines given limited visibility of catalysts to drive upside to its estimates and materially expand Commerce’s current premium multiples.
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