Raymond James downgrades SmartFinancial to 'outperform'

** Shares of community bank SmartFinancial SMBK.N down 1.3% at $49.4

** Raymond James downgrades stock to “outperform” from “strong buy”; cuts price target to $56 from $58 saying valuation has caught up

** New PT still implies an 11.7% upside to stock's last close

** Brokerage says higher-for-longer interest rates are pressuring funding costs

** Earlier this week, SMBK posted Q3 net income of $18.63 million, above analysts' estimates of $16.34 million - data compiled by LSEG

** Brokerage StoneX has also cut co's PT to $58 from $60, while KBW has raised it to $52 from $51

** 2 of 6 analysts rate stock "buy" and 4 "hold"; median PT is $52.38 - data compiled by LSEG

** Including session's moves, stock up 34.1% YTD