Piper Sandler raised the firm’s price target on Commerce Bancshares to $54 from $53 and keeps a Neutral rating on the shares. The firm notes results in Q1 were again solid with outperformance across each major I/S line item and says it is incrementally more positive with Commerce Bancshares possessing certain offsets to limit net interest margin compression following a Fed pivot. Piper believes Commerce Bancshares remains a solid long-term holding, and favors its defensive attributes in a more recessionary environment given its pristine credit profile, enviable revenue diversity and likely more defensible top-tier profitability profile.
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