Amalgamated Financial downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Amalgamated Financial (AMAL) to Neutral from Overweight with a price target of $38, down from $42. The Trump Administration recently announced plans to freeze funding for environmental and climate change initiatives, which creates uncertainty for Amalgamated, the analyst tells investors in a research note. The firm says the company has over $2B of climate related loans on its roughly $8B balance sheet. Piper is “somewhat concerned about the implications for the company given their oversized exposure to this segment.”