Citi downgraded Prosperity Bancshares (PB) to Neutral from Buy with a price target of $68, down from $78. The firm believes the rise in regional bank acquisition pricing likely eliminates Prosperity from doing a large enough deal to justify a higher valuation for the shares. In addition, the bank’s commercial real estate payoffs are likely to bring balance sheet size compression, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PB:
- Prosperity Bancshares downgraded to Neutral from Buy at Citi
- Cantor starts U.S. banks with ‘constructive view,’ names Citizens as top pick
- Prosperity Bancshares initiated with an Overweight at Cantor Fitzgerald
- Prosperity Bancshares price target raised to $78 from $76 at Citi
- Prosperity Bancshares Earnings Call: Growth and Strategic Moves