Piper Jaffray analyst Nathan Race maintained a Neutral rating on Commerce Bancshares but raised his price target to $68 following the company's "solid" Q2 results, which were highlighted by "impressive" core growth revenue and supported by "well-below average" deposit betas. In a research note to investors, Race acknowledges that these factors are "largely" captured in the shares' current premium valuation, but says he would become more constructive with stronger loan growth visibility and more aggressive excess capital deployment through increased dividends. The analyst believes Commerce is a "solid" long-term holding given its stronger-than-peer operating leverage prospects and "pristine" credit profile.