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."

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Shares of Commerce Bancshares closed at $47.26 yesterday.