UPDATE: Oppenheimer Downgrades Signature Bank to Perform, Removes PT on Near-Term Challenges

In a report published Thursday, Oppenheimer analyst Terry McEvoy downgraded the rating on

from Outperform to Perform, and removed the $133.00 price target. In the report, Oppenheimer noted, “Since starting the bank in 2001, nearly everything that could go right for Signature Bank has gone right. To management's credit, they have successfully executed on their business strategy, consistently growing loans, deposits and EPS (increased 38%, 21% and 22%, respectively, in 2013). With SBNY up another 20% YTD and trading at 21x our above-consensus 2014 EPS estimate, we recommend holders trim positions. Accordingly, we are lowering our rating to Perform from Outperform. We see no risk to the Signature ‘story,' but over the near term, investors need to be conscious of slowing loan growth in 1Q14 and the potential for higher expense trends, given recent team hiring. We are rescinding our $133 price target.” Signature Bank closed on Wednesday at $129.69.