UPDATE: Keefe, Bruyette & Woods Downgrades First NBC Bank On Limited Near-Term Catalysts

In a report published Monday, Keefe, Bruyette & Woods analyst Catherine Mealor downgraded the rating on First NBC Bank Holding Company NBCB from Outperform to Market Perform, and lowered the price target from $36.00 to $35.00. In the report, Keefe, Bruyette & Woods noted, “NBCB did not receive an allocation for this year's NMTC program and as a result, we are lowering EPS by $0.05 or 2% in 2014 (to $2.58) and by $0.13 or 4% in 2015 (to $2.80). We believe the headline news is more of a negative for NBCB (emphasizes the political uncertainty around this business line) than the actual EPS impact this announcement drives; however, given that the current stock price only provides 9% upside to our price target, we are bringing our rating to MP.” First NBC Bank closed on Friday at $32.04.