SmartFinancial downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded SmartFinancial to Neutral from Overweight with a price target of $28, up from $26. The analyst continues to see SmartFinancial as a franchise with “minimal credit risk, in great geographies, with a strong earnings profile” following the Q2 report. However, near-term upside “appears muted,” the analyst tells investors in a research note. With the shares up 24% over the last month and over 40% since Q1 earnings, Piper sees a fair valuation and little additional upside given its estimates.