PEBO - People's Bancorp downgraded to Market Perform at Raymond James

Peoples Bancorp (NASDAQ:PEBO) is slipping 1.5% in Thursday early afternoon trading after Raymond James analyst David Long downgraded the stock to Market Perform from Outperform on the lack of near-term catalysts. "While we appreciate the company's recent moves to diversify and increase the bank's profitability, we no longer see specific near-term positive catalysts for PEBO shares," the analyst wrote in a note to clients. "Furthermore, we lack the confidence we previously had in People's (PEBO) ability to drive positive net interest income and noninterest income revisions." Long trims his 2022 non-GAAP EPS estimate by $0.02 to $3.07 and 2022 EPS estimate by $0.30 to $3.05. People's Bancorp (PEBO) reported better-than-expected Q1 earnings on Tuesday. Long's Market Perform recommendation aligns with the Quant rating of Hold and diverges from the average Wall Street rating of Buy. SA contributor Sheen Bay Research expects People's (PEBO) acquisition of Premier Financial last year to boost this

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People's Bancorp downgraded to Market Perform at Raymond James