Raymond James analyst Daniel Tamayo initiated coverage of Nicolet Bankshares with a Market Perform rating and no price target. The firm views Nicolet as a "high performing" community bank that is "firing on all cylinders." However, the company's positive attributes are accurately reflected in the stock's premium valuation, the analyst tells investors in a research note. Raymond James wants to see MidWestOne integration and the expense run-rate shake out before recommending the shares.
