The Bancorp downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded The Bancorp (TBBK) to Market Perform from Outperform with a price target of $65, down from $70. The stock’s strong outperformance has captured much of the upside to the price target which was revised lower due to greater near-term uncertainty, the analyst tells investors in a research note. The firm says that given the potential for further credit migration in the commercial real estate bridge loan book as $1.4B of loans mature over the next year and a volatile near-term earnings outlook, the shares could be range-bound until The Bancorp moves past “this transitional period.”