UPDATE: Sterne Agee Downgrades Fulton Financial to Neutral

According to Sterne Agee, Fulton Financial FULT His downgraded to Neutral. Sterne Agee said that it downgraded the shares of Fulton Financial Corp. to Neutral from Buy due to earnings pressure resulting from further potential net interest margin (NIM) compression and additional expenses outlined by management. “Therefore we believe a 12x multiple on our revised 2013 EPS estimate of $0.92 is appropriate and equates to a fair value of $11.00.” Fulton Financial closed yesterday at $9.77.