SNV - Associated Banc-Corp Commerce Bancshares stocks upgraded at Wells Fargo

Associated Banc-Corp (NYSE:ASB) stock is rising 2.9% after Wells Fargo analyst Jared Shaw upgraded the bank to Overweight from Equal Weight as a rising rate environment should fuel valuation expansion. Shaw foresees a period of strong loan growth for the bank through at least 2023. "ASB is one of the more asset sensitive banks, which when combined with growth we estimate NII benefits by over 5% through 2023, an estimate that could prove conservative if deposit betas outperform our ~30% estimate," the analyst wrote in a note to clients. He also upgrades Commerce Bancshares (NASDAQ:CBSH +1.1%) to Equal Weight from Underweight as the rising rate environment should form a valuation floor for the shares. "CBSH has among the best deposit bases in our coverage with a through-the-cycle beta of just 13% from 4Q16-2Q19," Shaw wrote. Wells Fargo's top picks are Signature Bank (SBNY) and Popular (BPOP), with Synovus Financial (SNV) replacing SVB

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Associated Banc-Corp, Commerce Bancshares stocks upgraded at Wells Fargo