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Fly News Breaks for September 5, 2019
PBCT
Sep 5, 2019 | 17:22 EDT
Keefe Bruyette analyst Collyn Gilbert downgraded People's United Financial to Market Perform from Outperform with a price target of $15.50, down from $18. The downgrade comes after Keefe Bruyette changed its economic baseline to include four additional 25-basis point Fed interest rate cuts, down to 1.00%, and a ten-year yield dropping to 1.00% by early 2020. The analyst reduced her estimates for People's United to reflect its "relative asset-sensitive position."
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