Equity Bancshares (EQBK) experienced a significant downturn in the intraday session, with its stock plummeting 5.05%. The sharp decline comes as DA Davidson, a prominent financial services firm, reiterated its neutral stance on the company.

According to reports, DA Davidson analyst Jeff Rulis maintained a Hold rating on Equity Bancshares and set a price target of $45.00. This neutral outlook from a respected analyst appears to have dampened investor enthusiasm, potentially contributing to the stock's steep decline.

The market's strong negative reaction to a neutral rating suggests that investors may have been hoping for a more positive assessment or were concerned about the implications of the maintained rating. As the banking sector faces various challenges, including interest rate uncertainties and economic headwinds, neutral ratings can sometimes be interpreted as a lack of confidence in a company's near-term growth prospects.