First Interstate downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded First Interstate (FIBK) to Market Perform from Outperform with a price target of $37, down from $38. The firm sees a more balanced risk/reward with the shares up 35% over the past year. As First Interstate shifts into growth mode, there is risk to the size of its balance sheet, the analyst tells investors in a research note. Keefe believes believe stabilization of loans is needed to drive the stock higher from here.