As previously reported, Wells Fargo analyst Jared Shaw downgraded Commerce Bancshares to Underweight from Equal Weight with a $55 price target. The analyst cites relative valuation which could be at risk if credit or growth concerns emerge.

Raymond James upgraded Commerce Bancshares to Outperform from Market Perform with a $61 price target.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Reports Q1 revenue $397.85M, consensus $390.36M. Reports Q1 loan loss provisions $6.9M vs. $15.95M a year ago and net charge-offs of ($118K) vs. $226K a year ago. "Commerce delivered a strong financial performance for the first quarter," said John Kemper, CEO. "Our results are a reflection of fundamental strength and a diversified business model, and evidence of our ability to perform well through economic cycles. Although interest rates continue to be elevated and put downward pressure on bank balance sheets, Commerce's net interest income grew slightly over the previous quarter and our net interest margin expanded 16 basis points. Interest-bearing deposit costs increased just four basis points over the previous quarter, a product of our high-quality deposit franchise. Non-interest income comprised 37.4% of total revenue. Our liquidity and capital levels remain robust, and credit performance remains excellent, with non-accrual loans at .03% of total loans, down from .05% from Q1 of last year."