1st Source downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded 1st Source to Neutral from Overweight with a price target of $67.50, up from $60. The firm cites valuation for the downgrade after the shares closed at a new all-time high on Friday. The analyst continues to believe 1st Source is a solid long-term holding given its “superior profitability over various cycles with its very conservative credit profile,” however.