HBNC - Horizon Bancorp downgraded to Neutral at Piper on recent outperformance

• Horizon Bancorp ( NASDAQ: HBNC ) stock dropped 2.1% in Wednesday premarket trading after Piper Sandler analyst Nathan Race downgraded the stock to Neutral, primarily on the stock's recent strength.
• Year-to-date, the stock has outperformed its peers by more than 500 basis points, he said.
• "This rating change is not specifically tied to any new commentary from yesterday's investor day, but rather our view that catalysts for multiple expansion above peer is more limited in the current backdrop," Race wrote in a note to clients.
• The analyst did say he "came away more constructive on its various ongoing initiatives to combat the difficult industry-wide interest rate environment," after the investor day presentations. He continues to favor the bank's cost control discipline and solid credit quality profile.
• His Neutral rating contrasts with the SA Quant rating of Sell and the average Wall Street rating of Buy.

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