DA Davidson downgraded First Mid Bancshares to Neutral from Buy with a price target of $47, up from $44. With the lift in bank trading multiples post the 2024 U.S. Presidential Election, the firm is lifting its price target and reiterates its view that the shares deserve a premium valuation based on premium performance. However, the firm is guarded on extending a greater premium due to the bank's potential to return as an M&A buyer and less compelling rate and growth positioning versus higher growth peers, so it is downgrading shares.