Piper Sandler analyst Nathan Race raised the firm’s price target on Commerce Bancshares (CBSH) to $58.50 from $56 and keeps a Neutral rating on the shares following quarterly results. While Commerce’s current discounted valuation relative to shares’ historical premium and underperformance over the last several quarters presents an attractive entry point, the firm remains Neutral given limited visibility of catalysts to drive upside to its estimates and materially expand Commerce’s multiples.
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