TriCo Bancshares downgraded to Neutral from Buy at Janney Montgomery Scott

Janney Montgomery Scott downgraded TriCo Bancshares to Neutral from Buy with a fair value estimate of $48, up from $40. TriCo’s valuation is at four-year high, which largely reflects estimated earnings power through year-end 2025, the analyst tells investors. TriCo is likely to slow growth to keep total assets under $10B by year-end 2024, unless it can find a suitable acquisition, says the analyst, who believes slower growth will limit expansion of earnings power beyond current estimates.