BofA raised the firm’s price target on Commerce Bancshares (CBSH) to $71 from $69 and keeps a Neutral rating on the shares. Commerce will acquire FineMark in an all-stock transaction valued at approximately $585M, notes the analyst following the deal announcement on June 16. The firm believes the deal aligns with the bank’s growth strategy, specifically in wealth management, though BofA sees it as more as a bolt-on acquisition, the analyst tells investors. The firm raised its 2026 EPS estimate by 5.5% to $4.48 from $4.25, the analyst noted.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CBSH:
- Commerce Bancshares: Strategic Acquisition with Balanced Risk and Reward
- Commerce Bancshares Announces Merger with FineMark Holdings
- Commerce Bancshares price target raised to $61 from $58 at Morgan Stanley
- Commerce Bancshares to acquire FineMark in $585M all-stock transaction
- Commerce Bancshares Holds Annual Shareholder Meeting