DA Davidson downgraded First Mid Bancshares (FMBH) to Neutral from Buy with a price target of $47, up from $44. With the lift in bank trading multiples post the 2024 U.S. Presidential Election, the firm is lifting its price target and reiterates its view that the shares deserve a premium valuation based on premium performance. However, the firm is guarded on extending a greater premium due to the bank’s potential to return as an M&A buyer and less compelling rate and growth positioning versus higher growth peers, so it is downgrading shares.
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Read More on FMBH:
- First Mid-Illinois Bancshares Appoints Paul Palmby to Board
- First Mid Bancshares price target raised to $47 from $46 at Piper Sandler
- First Mid Bancshares price target raised to $43 from $40 at Stephens
- First Mid Bancshares reports Q3 adjusted EPS 83c, consensus 84c
- FMBH Earnings Report this Week: Is It a Buy, Ahead of Earnings?
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