Stephens downgraded Stock Yards Bancorp (SYBT) to Equal Weight from Overweight with a price target of $76, up from $70. Stock Yards has delivered peer-leading year-to-date financial results, and Q3 was “no exception,” but shares have increased about 45% year-to-date, compared with a roughly 27% advance at the BANK Index and about 26% among Midwest-based peers, notes the analyst. Outsized organic opportunities exist across the company’s footprint, and M&A activity in the Midwest will likely pick up, but the firm’s new price target implies limited upside, prompting its downgrade of the shares.
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Read More on SYBT:
- Stock Yards Bancorp price target raised to $69 from $65.50 at Piper Sandler
- Stock Yards Bancorp price target raised to $70 from $60 at Stephens
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