Downgrade
* FIG Partners analyst John Rodis downgraded Cincinnati-based First Financial Bancorp.'s stock rating to "market perform" from "outperform," citing valuation. He wrote, "Fundamentally nothing has changed."
The analyst kept First Financial's price target at $32. Rodis also maintained the company's EPS estimates at $2.11 for 2018, and at $2.30 for 2019.
Integration of First Financial's acquisition of MainSource Financial Group Inc. is going as planned, according to Rodis.
Initiations
* Nathan Race of Piper Jaffray is now covering Farmington Hills, Mich.-based Level One Bancorp Inc.'s stock. He gave it a "neutral" rating and a price target of $30.
The analyst introduced Level One Bancorp's operating EPS estimates for 2018 and 2019 at $2.00 and $2.25, respectively.
Race wrote that Level One Bancorp's management has identified 18 banks in current and contiguous markets as potential acquisition targets. These banks have assets less than $1 billion, and core deposits greater than 80%.
* Keefe Bruyette & Woods' Damon DelMonte also initiated coverage of Level One Bancorp's stock. He gave it an "outperform" rating and set the price target at $34.
The analyst wrote that Level One Bancorp, after completing its initial public offering, is "armed with healthy capital levels to support both organic and acquisition-related growth opportunities across its footprint, and positive operating leverage is poised to benefit earnings in the coming quarters."
* Daniel Cardenas of Raymond James also initiated coverage of Level One Bancorp's stock with an "outperform" rating and a price target of $32.
Cardenas introduced Level One Bancorp's EPS estimate at $1.95 for 2018, and at $2.23 for 2019.
The analyst wrote that Level One Bancorp is located in some of the most attractive markets in Michigan. Level One Bancorp, according to the analyst, has "emerged as one of the more exciting commercial growth stories since its 2007 inception."
* Wedbush Securities analyst Peter Winter is now covering Salt Lake City-based Zions Bancorp.'s stock. He gave it a "neutral" rating and a price target of $62.
The analyst wrote that Zions' neutral rating is based solely on valuation. According to Winter, Zion has made "tremendous strides in reducing the credit risk in the loan portfolio, resulting in some of the lowest net charge-offs [versus] peers."
