Keefe Bruyette analyst Michael Perito downgraded TriState Capital Holdings to Market Perform from Outperform with a price target of $25, down from $27. Since May 2015, TriState shares increased 102% given the company's "low-risk growth strategy and impressive execution," Perito tells investors in a research note. The analyst remains optimistic about TriState's outlook but he notes that Chartwell's EBITDA margins continue to compress. Further, lower capital levels and reserve could make it challenging for the shares to re-rate higher, contends Perito. As such, he finds the stock's valuation appropriate at current levels.