First Mid Bancshares downgraded to Market Perform at Keefe Bruyette

Keefe Bruyette analyst Timothy Switzer downgraded First Mid Bancshares to Market Perform from Outperform with an unchanged price target of $42. The firm cites valuation for the downgrade, saying much of the upside has been captured following the recent outperformance. The shares are now trading at a premium to peers despite a modestly weaker earnings outlook, the analyst tells investors in a research note.