National Bank downgraded to Neutral on valuation at Piper Sandler

Piper Sandler last night downgraded National Bank to Neutral from Overweight with a price target of $46, up from $42. The shares are now fairly valued after rising over 25% in the last three months, the analyst tells investors in a research note. The firm says the downgrade is not reflective of any change in its fundamental view of the company. Rather, Piper thinks further share gains and premium expansion in the stock will be more challenging.