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Stephens downgrades Preferred Bank to 'equal-weight'

Downgrade

Stephens Inc. analyst Tyler Stafford downgraded Los Angeles-based Preferred Bank's stock rating to "equal-weight" from "overweight" and reduced its price target to $72 from $74.

The analyst lowered Preferred Bank's stock EPS estimates for 2018 and 2019 to $4.83 and $5.16 from $4.91 and $5.30, respectively.

Stafford wrote that Preferred Bank's "historical high-teens loan growth has begun to normalize toward low double-digit levels." He further wrote that while Preferred Bank's "asset sensitivity has so far been stellar and its deposit betas have remained muted, we think this could begin to normalize with [second quarter] results."