Stephens downgraded Fulton Financial to Equal Weight from Overweight with a price target of $16, up from $14. In addition to citing valuation, the firm believes it’s “an opportune time to move to the sidelines from a rating perspective” given the company’s asset sensitive balance sheet with NII expected to decline about 4.1% if rates declined 100 basis points, the analyst tells investors.
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Read More on FULT:
- Fulton Financial management to meet with Piper Sandler
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- Fulton Financial reports Q3 net interest margin 3.40% vs. 3.54% last year
- Fulton Financial reports Q3 operating EPS 43c, consensus 41c
- Fulton Financial (FULT) Q3 Earnings Cheat Sheet
