CB Financial downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst Tim Switzer downgraded CB Financial Services to Market Perform from Outperform with an unchanged price target of $25. The analyst cites valuation for the downgrade. The shares can perform well on an absolute basis, but CB’s higher valuation following the recent outperformance has limited upside relative to peers, and there is better risk/reward to be found among small-cap peers, the analyst tells investors in a research note.