First Mid Bancshares downgraded to Equal Weight from Overweight at Stephens

Stephens analyst Terry McEvoy downgraded First Mid Bancshares (FMBH) to Equal Weight from Overweight with a price target of $43, down from $48. Given the company’s balance sheet’s interest rate position, the firm’s estimates were revised modestly lower after removing 50 basis points of rate cuts from its models next year, notes the analyst, who also cites the 20%-plus price move in 2024 for the downgrade of the shares.