First Guaranty downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler downgraded First Guaranty Bancshares to Underweight from Neutral with a price target of $9.50, down from $12. The analyst cites continued pressure on First Guaranty’s fundamentals and worsening profitability outlook for the downgrade. The firm says even though management noted it is focused on improving efficiency, it did not hear of any material initiatives that would bring the run-rate lower in the near term.