Initiated Outperform X

CBSH Commerce Bancshares

Hovde Group

$70

Upgrades Underweight Eq-Weight X

CBSH Commerce Bancshares

Morgan Stanley

$58

Downgrades Outperform Mkt Perform X

CBSH Commerce Bancshares

Raymond James

Downgrades Overweight Eq-Weight X

CBSH Commerce Bancshares

Morgan Stanley

$66 $64

Upgrades Mkt Perform Outperform X

CBSH Commerce Bancshares

Raymond James

$61

Initiated Neutral X

CBSH Commerce Bancshares

BofA Securities

$55

Upgrades Underweight Eq-Weight X

CBSH Commerce Bancshares

Morgan Stanley

$48 $49

Downgrades Eq-Weight Underweight X

CBSH Commerce Bancshares

Morgan Stanley

$50 $48

Initiated Equal-Weight X

CBSH Commerce Bancshares

Morgan Stanley

$74

Upgrades Underweight Eq Weight X

CBSH Commerce Bancshares

Wells Fargo

$60 $70

Downgrades Neutral Underperform X

CBSH Commerce Bancshares

BofA Securities

$78

Downgrades Mkt Perform Underperform X

CBSH Commerce Bancshares

Raymond James

Upgrades Underperform Mkt Perform X

CBSH Commerce Bancshares

Raymond James

Downgrades Mkt Perform Underperform X

CBSH Commerce Bancshares

Raymond James

Downgrades Neutral Underperform X

CBSH Commerce Bancshares

BofA/Merrill

Upgrades Underperform Mkt Perform X

CBSH Commerce Bancshares

Raymond James

Upgrades Underperform Mkt Perform X

CBSH Commerce Bancshares

Keefe Bruyette

CBSH  Commerce Bancshares, Inc.

Commerce Bancshares, Inc. is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth. The Consumer segment includes the consumer portion of the retail branch network (loans, deposits and other personal banking services), indirect and other consumer financing, and consumer debit and credit bank cards. The Commercial segment provides corporate lending, leasing, international services, and business, government deposit, and related commercial cash management services, as well as merchant and commercial bank card products. The Wealth segment provides traditional trust and estate tax planning, advisory and discretionary investment management, and brokerage services, and includes the Private Banking product portfolio.