Jefferies lifts Commonwealth Bank of Australia's PT, but stays bearish on valuation

** Jefferies raises price target of Commonwealth Bank of Australia CBA.AX to A$146.17 from A$144.99

** Brokerage says CBA's Q1FY27 cash earnings came in at 2% below Jefferies estimate and Visible Alpha consensus

** The bank on Wednesday posted a cash net profit after tax of about A$2.8 billion ($1.92 billion)

** Jefferies says co's earnings miss was largely driven by weaker trading income

** Brokerage cuts FY27 EPS forecast for co by 1%, while leaving FY28 and FY29 forecasts unchanged

** We remain Underperform on valuation, with -11% implied total shareholder return, and see better risk reward elsewhere - Jefferies

** One of 14 analysts rates the stock "hold" and 13 "sell" or lower; their median PT is A$133, according to data compiled by LSEG

** CBA up 4% YTD as of last close

($1 = 1.4601 Australian dollars)