UPDATE: FIG Partners Reiterates Market Perform Rating, Lowers PT on Commerce Bancshares
In a report published Wednesday, FIG Partners reiterated its Market Perform rating on Commerce Bancshares (NASDAQ: CBSH), but slightly lowered its price target from $43.00 to $42.00.
FIG Partners noted, “We are maintaining our ‘Market-Perform' rating on CBSH shares and lowering our 12-month price target by $1 to $42 per share. While we remain positive on the CBSH story we believe the shares will be range bound ($36-39) in the near-term given the NIM compression during the quarter. Our $42 target assumes CBSH shares trade at ~ 14x our FY13 EPS estimate and ~ 1.65x our tangible book value (TBV) estimate one year out ($25.25/share).”
Commerce Bancshares closed on Tuesday at $37.64.
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