Horizon Bancorp downgraded on valuation at Piper Sandler

Piper Sandler downgraded Horizon Bancorp to Neutral from Overweight with an unchanged price target of $17. The analyst came away from the company’s investor day more constructive on its various ongoing initiatives to combat the difficult industry-wide interest rate environment. However, Piper downgrades the shares on valuation following the stock’s outperformance.