Sierra Bancorp downgraded at Janney Montgomery Scott following 20% rally

As previously reported, Janney Montgomery Scott downgraded Sierra Bancorp to Neutral from Buy with an unchanged fair value estimate of $23 following the 20% increase in share price since late April. The firm, which made no changes to its EPS estimates, thinks the fundamental outlook “remains strong,” but believes the shares are fairly valued following the “outsized stock price appreciation.”