Piper downgrades Evans Bancorp on below-peer profitability

Piper Sandler downgraded Evans Bancorp to Neutral from Overweight with an unchanged price target of $32. Evans reported a core miss in Q4 driven by higher expenses, lower fee income and lower net interest income, the analyst tells investors in a research note. The firm says that with below-peer profitability, it can no longer justify an above-peer earnings multiple for the shares.