Hovde Group downgrades Prosperity Bancshares on growth concerns
Hovde Group downgrades U.S. regional lender Prosperity Bancshares PB.N to "market perform" from "outperform"
Also trims PT to $75 from $80, which is still a 8.1% upside to stock's last close
Brokerage cites soft organic growth, risk of loan reductions from pending acquisitions and management succession uncertainty
Loss of PB's historical premium valuation also limits ability to compete for deals, brokerage says, adding that it expects limited outperformance near-term
Still, Hovde says ratings change could be premature or wrong as PB has a very valuable low-cost deposit franchise in Texas — a hot market for banking M&A — and could itself be a potential acquisition target
9 of 16 brokerages rate the stock "buy" or higher and 7 hold; their median PT is $77 — data compiled by LSEG
As of last close, PB down 8% YTD
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