NBT Bancorp downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded NBT Bancorp to Equal Weight from Overweight with a price target of $49, up from $42. After “another good quarter” highlighted by an EPS beat on net interest margin expansion, stronger-than-anticipated fee income, lower expenses and continued strong credit metrics, the firm increased its estimates for 2024 and 2025 by 3% and 2%, respectively. However, while the quarter was solid and the firm “and the analyst is a “big believer in the semiconductor chip investments in Upstate NY” as well as and NBT’s ability to benefit, the analyst is stepping to the sidelines from a ratings perspective and changing “Best Idea” from NBT to cash as in the near term the analyst thinks shares “have run a bit too far.”