Cambridge Bancorp downgraded to Market Perform at Keefe Bruyette

Keefe Bruyette analyst Christopher O’Connell downgraded Cambridge Bancorp to Market Perform from Outperform with a price target of $62, down from $85. Following the "weak" Q1 results, the analyst sees "significant" margin uncertainty and expects material pressure in the coming quarters. The firm sees limited share upside for the next several quarters given Cambridge’s net interest margin headwinds and overall uncertainty as to the timing of an eventual rebound.