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Raymond James downgrades Newtek Business Services on valuation

Raymond James & Associates analyst Robert Dodd on June 5 downgraded Newtek Business Services Corp.'s rating to "market perform" from "outperform" due to valuation.

The analyst said that the company's stock had reached the $20 target price, with no "catalyst" present for valuation expansion.

The analyst kept his 2018 and 2019 annual EPS estimates for the company unchanged.