As previously reported, Janney Montgomery Scott downgraded First National Corp. (FXNC) to Neutral from Buy with an unchanged $26 fair value estimate. Since upgrading the stock to Buy on August 1, the shares are up 40% and given this outperformance the stock now trades more in line with its peer group of banks with $1B-$3B in assets, notes the analyst, who cites valuation for the downgrade.
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