Nicolet Bankshares downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst Damon DelMonte downgraded Nicolet Bankshares to Market Perform from Outperform with a price target of $81, up from $74. The firm said the company’s latest quarter was highlighted by strong PPNR and a lower provision which combined to easily offset a higher tax rate. Keefe raised its price target, though with limited upside to the target, valuation leads it to move to Market Perform on the shares.