UPDATE: KBW Downgrades SLM to Market Perform (SLM)

KBW is out with its report today on SLM SLM, downgrading SLM from Outperform to Market Perform. In a note to clients, KBW writes, "We are downgrading Sallie Mae shares to Market Perform from Outperform. Sallie Mae shares have appreciated considerably post earnings and our price target only implies total return potential of 7%." KBW maintains a $17 PT on SLM. At the time of posting, shares of KBW were trading pre-market at $16.10, down 1.29% from Thursday's close.