Janney Montgomery Scott analyst Timothy Coffey downgraded First Interstate to Neutral from Buy with a fair value estimate of $38, down from $51, after the company reported a "disappointing" end to 2022 that sets up a "challenging 2023." The firm lowered EPS estimates to reflect expectations for elevated balances of short-term funding to counter deposit outflows and forecasts "sizable" margin compression Q1 before "gradual improvements" through 2023.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on FIBK:
- First Interstate downgraded to Neutral from Buy at Janney Montgomery Scott
- First Interstate price target lowered to $42 from $48 at Wells Fargo
- First Interstate downgraded to Market Perform from Outperform at Keefe Bruyette
- First Interstate reports Q4 EPS 85c excluding acquisition costs, consensus $1.03