Raymond James Downgrades Mercantile Bank Corporation (MBWM) to Outperform

Raymond James analyst Daniel Tamayo downgraded Mercantile Bank Corporation (NASDAQ: MBWM) from Strong Buy to Outperform with a price target of $35.00 (from $44.00).

The analyst commented, "We are downgrading MBWM shares from Strong Buy to Outperform and reducing our price target to $35. We remain bullish on Mercantile’s growth prospects, particularly the material further expansion of the NIM in the back half of 2022 and continued strong loan growth. However, given our belief that growth banks will not be rewarded going forward as much as they have in prior periods as we near a recession, and the fact that we do not expect MBWM shares to trade as a defensive name through the cycle, despite our forecast for solid credit metrics, we have shifted our bullish stance to be more long-term than near-term focused."

For an analyst ratings summary and ratings history on Mercantile Bank Corporation click here. For more ratings news on Mercantile Bank Corporation click here.

Shares of Mercantile Bank Corporation closed at $31.77 yesterday.

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