Nevertheless, the firm believes management can deliver mid- to high-single-digit loan and earnings per share growth, in line with its peers. Morgan Stanley acknowledges that the bank is one of the most consistent and steady banks in its coverage.
The premium valuation Commerce Bancshares enjoys is due to the flight to quality trade seen across the mid-cap space this year. Although Morgan Stanley believes the bank is slightly better than peers, it still believes it doesn't deserve to be accorded an excessively large premium to the group.
The firm noted that its unchanged $45 price target suggests 8 percent downside from current levels.
At time of publication, Commerce Bancshares was down 0.51 percent at $48.81.
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