In a report published Friday, Credit Suisse analyst Nick Karzon downgraded Fulton Financial FULT from Neutral to Underperform, but reiterated the $9.50 price target.
In the report, Credit Suisse noted, “We currently estimate 7% downside to consensus 2014 EPS estimates and 15% downside to our $9.50 TP driven by negative revisions to LT fee income forecasts based on our mortgage banking model. Additionally, we expect capital return to slow in 2H13 after FULT failed to complete its 8M share repurchase authorization in 1H13 (extended through 3Q13 on 6/18).”
Fulton Financial closed on Thursday at $11.18.
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