Market Overview

UPDATE: D.A. Davidson & Co. Downgrades S.Y. Bancorp on Valuation

Share:

In a report published Monday, D.A. Davidson & Co. analyst Stephen Geyen downgraded the rating on S.Y. Bancorp (NASDAQ: SYBT) from Buy to Neutral, but raised the price target from $34.00 to $36.00.

In the report, D.A. Davidson & Co. noted, “We are reducing our rating of S.Y Bancorp to NEUTRAL from Buy based on valuation. We note that our rating change does not suggest a change in our outlook on the fundamental performance of the bank. In fact, we believe fundamentals remain exceptionally good as defined by the following: (1) An outlook for above peer profitability as measured by ROA and ROTCE; (2) Loan growth that should compare well to peers as the pipeline for new loans improves in the Louisville, Indianapolis and Cincinnati markets; and (3) A strong capital position that could support accretive acquisitions.”

S.Y. Bancorp closed on Friday at $33.80.

Latest Ratings for SYBT

DateFirmActionFromTo
Jul 2020Raymond JamesMaintainsOutperform
May 2020Raymond JamesUpgradesMarket PerformOutperform
Apr 2020Stephens & Co.UpgradesEqual-WeightOverweight

View More Analyst Ratings for SYBT
View the Latest Analyst Ratings

 

Related Articles (SYBT)

View Comments and Join the Discussion!

Posted-In: D.A. Davidson & Co. Stephen GeyenAnalyst Color Downgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
INCYSVB LeerinkMaintains87.0
VRNSCraig-HallumMaintains110.0
SPNSNeedhamMaintains38.0
FBArgus ResearchMaintains300.0
LGNDBarclaysMaintains145.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com