Nicolet Bankshares downgraded to Equal Weight at Stephens after outperformance

As previously reported, Stephens analyst Terry McEvoy downgraded Nicolet Bankshares to Equal Weight from Overweight with an $84 price target. Nicolet “appears to have its mojo back” and bank investors notice it as shares have increased by about 5% year-to-date compared with a roughly 14% decline in the Nasdaq Bank Index, the analyst noted. Following the year-to-date move in price, shares trade at a premium to Midwest bank peers that the firm calls “justified” and says is “consistent with history,” but it now views the stock as fairly valued.