As previously reported, Wells Fargo analyst Timur Braziler downgraded N.T. Butterfield (NTB) to Equal Weight from Overweight with a price target of $50, down from $54. The firm is taking some chips off the table. Coming rate cuts to be more punitive vs. the first 100bps, and balance sheet is a bit bloated at the moment. Wells sees a better entry point likely ahead.
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