HomeStreet rally pauses as D.A. Davidson rings the register

• The stock's big run higher (more than 40% since late June) has left it fairly valued with little upside, says analyst Jeff Rulis, downgrading to Neutral from Buy. The price target is raised to $29 from $27 as peer multiples have increased in the past few weeks. With a 2.6% decline today, HMST is currently at $26.45.
• As for the core thesis, it remains unchanged: The bank is one of the strongest growth stories in Rulis' coverage universe, both organically and strategically.