Flushing Financial downgraded after 48% rally at Piper Sandler

Piper Sandler analyst Mark Fitzgibbon last night downgraded Flushing Financial to Neutral from Overweight with a price target of $16.50, up from $15. The firm says the bank’s profitability remains among the lowest in its coverage universe. Piper cites the stock’s 48% rise over the past three months and Flushing’s “weak” profitability for the downgrade.