or a slower than expected rate of fed hikes. Upside risks are a better than expected rebound in energy prices and sooner recognition of cost saves. Commerce Bancshares Inc. (CBSH) We use an equal-weighted three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our $60 PO and assign a 2.2x multiple to 2Q17E TBV,

ciated Banc-Corp ASB ASB US Ebrahim H. Poonawala Banc of California BANC BANC US Ebrahim H. Poonawala Comerica Incorporated CMA CMA US Erika Najarian Commerce Bancshares Inc. CBSH CBSH US Ebrahim H. Poonawala Fifth Third Bank FITB FITB US Erika Najarian First Bancorp Puerto Rico FBP FBP US Ebrahim H. Poonawala First Hawaii