UPDATE: Raymond James Downgrades Texas Capital Bancshares (TCBI) to Market Perform

(updated to add analyst comment)

Raymond James downgraded Texas Capital Bancshares (NASDAQ: TCBI) from Strong Buy to Market Perform, removes $98.00 price target.

Analyst Michael Rose says the Q1 miss and guidance levels have him rethinking his prior expectations for "a notable ROE ramp".

He lowers his FY 2017 EPS estimate from $4.40 to $3.95 and lowers FY 2018 EPS estimate from $5.25 to $4.75.

For an analyst ratings summary and ratings history on Texas Capital Bancshares click here. For more ratings news on Texas Capital Bancshares click here.

Shares of Texas Capital Bancshares closed at $78.75 yesterday.

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