MSWN downgrade contains is based more on valuation. They say their 12 month target is $45. They just don't think it will outperform
" Commerce is one of the best managed bank of its size, with consistently improving financial performance. We believe the bank will continue to derive strength from its super communinty banking style, excellent credit quality and strong management team. Although we we raised out earnings estimates forr 2001 and 2002 as a result of the bank's solid 4th qtr results, we do not think there is enough upside to our 12 month fair value targe of $45 to warrant an Outperform rating.