Raymond James Downgrades Stellar Bancorp to Market Perform
Raymond James analyst David Feaster downgraded Stellar Bancorp (STEL) to Market Perform from Outperform without a price target. The firm cites the pending merger with Prosperity Bancshares (PB) for the downgrade. The merits of the deal are positive from both a cultural and financial standpoint, but Prosperity's risk/reward dynamic is balanced for now given the integration of three deals, the analyst tells investors in a research note. The firm aligned its rating on Stellar with Prosperity.
