Jefferies Raises Price Target on Commerce Bancshares (CBSH) Following 2Q Results
Get Alerts CBSH Hot Sheet
Rating Summary:
2 Buy, 11 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE
Jefferies reiterates a Hold rating on Commerce Bancshares (NASDAQ: CBSH), and raises the price target to $46.00 (from $44.00), following 2Q results. CBSH reported EPS of $0.75 compared to $0.68 consensus. Analyst Emlen Harmon says that a majority of the beat should normalize next quarter.
Harmon commented, "Our '15 EPS estimate increases to $2.75 (from $2.65) and '16 holds steady at $2.95. The '15 estimate revision is mostly driven by the headline beat vs. our 2Q estimate (better NII, lower credit costs and tax benefit). A majority of the beat should normalize next quarter as TIPS income is softer, expenses increase and provision is higher, partially offset by a slightly lower tax rate from a change in tax code. Our '16 EPS estimate is unchanged, as higher revenue and expense run-rates offset."
For an analyst ratings summary and ratings history on Commerce Bancshares click here. For more ratings news on Commerce Bancshares click here.
Shares of Commerce Bancshares closed at $47.26 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
- Banner Corporation (BANR) PT Lowered to $51 at Piper Sandler
- Prysmian SpA (PRY:IM) (PRYMY) PT Raised to EUR53 at HSBC
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Jefferies & CoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!