ConnectOne downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded ConnectOne Bancorp to Market Perform from Outperform with a price target of $22, down from $24. The bank retains a fairly high commercial real estate concentration ratio at 442% of total capital, which could limit valuation upside relative to peers over the medium term as it will likely take a couple years for broader investor concerns regarding the uncertainty of future CRE credit performance to be resolved, the analyst tells investors in a research note.