HBT Financial downgraded to Neutral from Buy at DA Davidson

DA Davidson downgraded HBT Financial to Neutral from Buy with a price target of $24, down from $26. The downgrade is based on the bank’s less favorable asset sensitive balance sheet position, the analyst says. Despite this, credit quality at HBT has been better than peers, and DA Davidson anticipates this strength will remain in place ahead, the firm says. Expense management has also been a positive, while profitability metrics have tracked ahead of peers while also operating a lower credit risk profile, and the shares deserve to trade at a premium, not at an expanding premium over the short-to-medium term outlook, DA Davidson says.