Stock Yards Bancorp downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded Stock Yards Bancorp (SYBT) to Equal Weight from Overweight with a price target of $76, up from $70. Stock Yards has delivered peer-leading year-to-date financial results, and Q3 was “no exception,” but shares have increased about 45% year-to-date, compared with a roughly 27% advance at the BANK Index and about 26% among Midwest-based peers, notes the analyst. Outsized organic opportunities exist across the company’s footprint, and M&A activity in the Midwest will likely pick up, but the firm’s new price target implies limited upside, prompting its downgrade of the shares.