Sierra Bancorp downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst Wood Lay downgraded Sierra Bancorp to Market Perform from Outperform with a price target of $24, down from $26. The analyst cites elevated NPA levels, softening loan demand and limited near-term capital deployment for the downgrade. Lay says the macro environment pushes out positive catalysts for the shares.