South Atlantic Bancshares downgraded to Neutral at Janney after earnings

Janney Montgomery Scott downgraded South Atlantic Bancshares to Neutral from Buy with a fair value estimate of $14, down from $16, based on revised EPS estimates following the company’s Q1 report. Core fundamentals remain "solid," but estimates have been adjusted downward to reflect lower net interest income and net interest margin in the current operating environment, says the firm, which adds that the 9%-10% potential upside seen does not justify a higher rating.