Wedbush Downgrades Prosperity Bancshares (PB) to Underperform
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Wedbush downgraded Prosperity Bancshares (NYSE: PB) from Neutral to Underperform with a price target of $58.00 (from $54.00) on slow organic growth and valuation.
Analyst Peter Winter commented, "We are downgrading PB to UNDERPERFORM from NEUTRAL based on slow organic growth and valuation as fundamentals remain decent and the company should incrementally benefit from Trump tailwinds, including potentially higher interest rates, improved loan growth, and lower corporate taxes. However, absent the Trump benefits, PB’s loan growth has been anemic and the company’s reliance on acquisitions is beginning to show as we expect PB to deliver the slowest EPS growth of our covered Texas banks with growth of 4% and 5% in 2017 and 2018, respectively, vs. peer growth of 9% and 8%, respectively."
Shares of Prosperity Bancshares closed at $64.38 yesterday.
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