Trustco Bank downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler analyst Alexander Twerdah downgraded Trustco Bank to Underweight from Neutral with a price target of $36, down from $39, post the Q4 results. The downgrade is based on expectations for the company’s earnings and profitability to decline in the back half of the year and into 2024, thus warranting a lower valuation multiple, the analyst tells investors in a research note.