Heartland BancCorp downgraded to Neutral from Buy at DA Davidson

DA Davidson downgraded Heartland BancCorp (HLAN) to Neutral from Buy with a price target of $145, up from $103, following the stock’s 50%-plus move on its recently announced $330M sale to German American Bancorp (GABC) in a 100% stock deal. Even with about a 9% trade down since the announcement, the firm view upsides as now capped at about 5% using the implied fixed exchange ratio in the deal tied to German American shares, the analyst tells investors.