N.T. Butterfield price target lowered to $35 from $40 at Wells Fargo

Wells Fargo lowered the firm’s price target on N.T. Butterfield to $35 from $40 and keeps an Overweight rating on the shares. The frim dropped the price target after changing analysts on the name. It has become more selective on mid-cap banks citing risk to earnings from rates and credit as well as delayed consolidation benefits, “mitigated by inexpensive valuations.”