Joseph Fenech from Hovde Group downgraded Jasper, Ind.-based German American Bancorp Inc.'s stock rating to "market perform" from "outperform" with a price target of $34.

Fenech wrote that the company delivered strong second-quarter results but the stock rating has been lowered due primarily to valuation considerations.

His EPS estimates for the company are $2.41 for 2019, $2.48 for 2020 and $2.56 for 2021.