First Merchants price target lowered to $46 from $50 at Raymond James

Raymond James lowered the firm’s price target on First Merchants (FRME) to $46 from $50 and keeps an Outperform rating on the shares. The firm now contemplates a modestly slower pace of balance sheet growth from its prior estimates. Given expectations for solid profitability, growth and credit metrics, shares are poised to close the current discount gap to peers, the analyst tells investors in a research note.