JMS Downgrades IBERIABANK (IBKC) to Neutral
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Janney Montgomery Scott downgrades IBERIABANK Corp. (Nasdaq: IBKC) from Buy to Neutral, but raises its price target from $56 to $57.
The firm believes shares of IBERIABANK are now fully valued, but feels that over the long term, "the diversifying characteristics of the company’s local markets, combined with banking industry turmoil, should produce an attractive risk/reward profile for investors..." Further, JMS points out that IBERIA will likely continue to benefit from industry disruption given "Local stimulus from the post-Katrina rebuilding efforts in south Louisiana, along with three markets positively impacted by elevated energy prices..."
IBERIABANK Corporation operates as the holding company for IBERIABANK that offers commercial and retail banking products and services in the United States.
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