Preferred Bank downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded Preferred Bank (PFBC) to Equal Weight from Overweight with a price target of $100, up from $94. With fewer forward rate cuts than previously expected, the firm’s FY26 operating EPS forecast does increase “more notably,” but given recent valuation improvement the downgrade is “primarily reflective of valuation,” the analyst tells investors.