Trustmark downgraded on ‘below-peer’ profitability at Raymond James

Raymond James analyst Michael Rose downgraded Trustmark to Market Perform from Outperform without a price target. After reducing earnings estimates, the analyst sees Trustmark’s risk/reward as balanced. The firm projects the bank’s "below-peer" profitability and operating efficiency to persist through 2024, which it says does not support the stock’s premium valuation versus peers.