Keefe Bruyette analyst Christopher McGratty downgraded F.N.B. to Market Perform from Outperform with a price target of $15.50, down from $16. The firm also downgraded the U.S. banks sector to Market weight from Overweight. Further share outperformance is likely to be more challenging as the "peak" net interest income narrative is "growing louder," McGratty tells investors in a research note. The analyst is pivoting away from his "spread-based lenders" call to now include a greater allocation toward mega-cap banks and those with meaningful capital markets exposure.
Published first on TheFly
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