UPDATE: Sterne Agee Downgrades First Cash Financial Services to Neutral on Valuation

Sterne Agee downgraded First Cash Financial Services (NASDAQ: FCFS) from Buy to Neutral and announced a $58.00 price target.Sterne Agee analyst Henry J. Coffey, Jr. wrote, "The Texas legislature is looking at a pay day/title pawn bill that looks like a very workable compromise. The shares of FCFS are up 4% this month and within 5% of our price target; we are changing our rating from BUY to NEUTRAL. […] The impact of the bills is arguably neutral; they place limitations on renewals and loan amounts, restrict borrowers to one loan at a time in the state and remove the ability of individual cities to regulate pay day loan rates, fees, terms, etc."First Cash Financial Services closed at $55.13 on Tuesday.