Piper Jaffray Downgrades Ameris Bancorp (ABCB) to Neutral

Piper Jaffray downgraded Ameris Bancorp (NASDAQ: ABCB) from Overweight to Neutral with a price target of $31.00 (from $32.00).

Analyst Peyton Green commented, "We are downgrading our rating from Overweight to Neutral based on the lift in ABCB's valuation to 13.8x our 2017E EPS of $2.32 and 2.44x TBVPS. Although our modeling reflects that ABCB will continue to generate and ROA/ROTCE of 1.15%/15.4%, we believe the recent rally in the shares leaves them fairly valued considering that 2016E and 2017E EPS have declined by 11% and 9%, respectively, on a YTD basis in 2016E."

For an analyst ratings summary and ratings history on Ameris Bancorp click here. For more ratings news on Ameris Bancorp click here.

Shares of Ameris Bancorp closed at $32.01 yesterday.

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