Federal Agricultural downgraded to Market Perform at Keefe Bruyette

Keefe Bruyette downgraded Federal Agricultural Mortgage to Market Perform from Outperform with a price target of $215, up from $212. The analyst cites valuation for the downgrade with the shares up 27% since mid-June. The stock now trades at its highest valuation since at least 2010, the analyst tells investors in a research note. The firm remains confident in management’s ability to continue to grow the business over both the short and long term, but thinks the shares are now fairly valued and would look for better entry points.