DA Davidson Downgrades Texas Capital Bancshares (TCBI) to Neutral; Taking Breather After 35.5% Run-Up Year-To-Date

DA Davidson downgraded Texas Capital Bancshares (NASDAQ: TCBI) from Buy to Neutral with a price target of $45.00.

Analyst, Gary P. Tenner, said, "TCBI shares have appreciated 35.5% year-to-date, compared to 10.9% for the Nasdaq Bank Index, as the strength of the Texas banking market and expansion of TCBI’s mortgage warehouse business have contributed to positive earnings revisions and stock price appreciation. TCBI shares have weathered the recent decline in market rates well as expectations of an extended mortgage refinance cycle have trumped investor concerns over margin compression within the banking sector. At this point we believe much of the good news is priced into TCBI shares and there is insufficient upside to our price target to continue to justify a Buy."

For an analyst ratings summary and ratings history on Texas Capital Bancshares click here. For more ratings news on Texas Capital Bancshares click here.

Shares of Texas Capital Bancshares closed at $41.48 yesterday.

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