First Interstate downgraded to Sell from Neutral at UBS

UBS downgraded First Interstate (FIBK) to Sell from Neutral with a price target of $30, down from $38, after assuming coverage of the name. The bank’s new management team is “taking the right steps to reorient” First Interstate, but the second half of 2026 is the earliest it could see the balance sheet stabilize, the analyst tells investors in a research note. The firm says First Interstate has an outsized 20% of loans repricing or maturing through the end of 2027. This is a “potentially tough hole to fill” considering its loan growth has been negative for three years, contends UBS.