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Jefferies downgrades IBERIABANK following First Horizon MOE announcement

Downgrade

Jefferies analysts downgraded Lafayette, La.-based IBERIABANK Corp. to match their rating on First Horizon National Corp. following the announced merger of equals between the companies.

The analysts downgraded the company's stock rating to "hold" from "buy" and lowered the price target to $73 from $84. The analysts lowered their EPS estimates to $7.10 from $7.16 for 2019 and to $6.36 from $6.60 for 2020.

Upgrade

Bank of America analysts upgraded Pittsburgh-based PNC Financial Services Group Inc., according to The Wall Street Journal.

The analyst upgraded the company's stock rating to "buy" from "neutral" and raised the price target to $178 from $144.

Initiations

D.A. Davidson analyst David Konrad initiated coverage of JPMorgan Chase & Co.

Konrad called the company a "best in class franchise" based on its strong market share, diversified earnings, and low-risk profile compared to peers. However, the company's near-term net income growth rates are lower compared to its peers.

Konrad initiated coverage of the company with a "neutral" rating and a price target of $140. His operating EPS estimates are $10.15 for 2019 and $10.60 for 2020.

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Konrad also initiated coverage of Bank of America Corp.

The company's management deserves credit for successfully moving Bank of America from being a high-risk institution postcrisis to a "safe haven," the analyst wrote. But the company's stock lacks strong catalysts going forward in a challenging revenue environment, according to Konrad.

He initiated coverage of the company with a "neutral" rating and a price target of $36. His operating EPS estimates are $2.80 for 2019 and $2.90 for 2020.

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Konrad also initiated coverage of Citigroup Inc.

The company's earnings visibility has improved meaningfully in 2019 with stable expenses and moderate top-line growth, the analyst wrote.

The analyst initiated coverage with a "buy" rating and a price target of $96. His operating EPS estimates are $7.44 for 2019 and $8.50 for 2020.