Esquire Financial downgraded to Market Perform from Strong Buy at Raymond James

Raymond James double downgraded Esquire Financial (ESQ) to Market Perform from Strong Buy without a price target The firm cites valuation following the stock’s sharp run-up for the downgrade. Esquire shares have rallied 30% since the November presidential election, with the outperformance possibly fueled by lower Federal Reserve rate cut expectations and better growth, the analyst tells investors in a research note. Raymond James says the valuation “appears full,” especially if Fed futures begin pricing in additional cuts, which could be a headwind to Esquire’s earnings outlook and valuation.