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Stephens downgrades regional banks amid anticipation of Fed rate cut

Jul. 09, 2019 12:16 PM ETCADE, BUSE, PNFP, TCBK, FBMS, TFIN, BFST, HWCBy: Gaurav Batavia, SA News Editor1 Comment
  • Stephens analyst Terry McEvoy downgrades banks, assuming a 25 bps reduction in the Fed funds rate in July, September and December 2019 and none in 2020.
  • Business First Bancshares (BFST -0.4%) downgraded to equal weight from overweight and sets PT of $27.
  • First Busey (BUSE -0.5%) downgraded to equal weight from overweight and sets PT of $29.
  • Cadence Bancorp (CADE -0.4%) downgraded to equal weight from overweight and sets PT of $23.
  • Hancock Whitney (HWC -1.1%) downgraded to equal weight from overweight and sets PT of $42.
  • First Bancshares (FBMS -1%) downgraded to equal weight from overweight and sets PT of $34.
  • Pinnacle Financial Partners (PNFP -0.8%) rating cut to equal weight from overweight and sets PT of $62.
  • Triumph Bancorp (TBK -0.8%) rating cut to equal weight from overweight and sets PT of $30.
  • TriCo Bancshares (TCBK -1.9%) rating cut to equal weight from overweight and sets PT of $30.

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