HomeStreet downgraded to Neutral from Buy at Janney Montgomery Scott
The Fly

HomeStreet downgraded to Neutral from Buy at Janney Montgomery Scott

Janney Montgomery Scott downgraded HomeStreet (HMST) to Neutral from Buy with a $10 fair value estimate, down from $16.50, on limited visibility after the application to acquire HomeStreet was withdrawn by FirstSun Capital Bancorp (FSUN). The companies did not terminate their merger agreement and are in discussion for an alternative structure, the analyst noted. While the share price could be volatile at market open, Home Street has time to cure issues given substantial balances of locked-in funding, the analyst contends.

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