Piper Sandler lowered the firm’s price target on Commerce Bancshares (CBSH) to $63 from $70 and keeps a Neutral rating on the shares. While Commerce Bancshares has underperformed the KRE by 12% year-to-date resulting in shares’ current valuation dipping to among its cheapest relative and absolute levels within the past five years, the firm remains on the sidelines given limited visibility of stand-alone catalysts to materially expand Commerce Bancshares’ current premium multiples. Piper would become more constructive with consistently stronger loan growth and a lower likelihood for additional Fed rate cuts given the company’s highly asset sensitive balance sheet.
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Read More on CBSH:
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