UPDATE: Keefe, Bruyette & Woods Downgrades WSFS Financial As Shares Near Target

In a report published Monday, Keefe, Bruyette & Woods analyst Catherine Mealor downgraded the rating on

from Outperform to Market Perform, but reiterated the $80.00 price target. In the report, Keefe, Bruyette & Woods noted, “A nice quarter for WSFS with lower credit costs, higher NIM, and solid fee growth driving LQ improvement in profitability to a 1.2% ROA (or 1.07% normalizing for credit costs). Loan growth slowed as expected from pay-downs but we believe will return to 8% next quarter. Adjusting 2014 EPS and lowering to Market Perform as the shares have reached our price target.” WSFS Financial Corporation closed on Friday at $78.65.