Customers Bancorp price target raised to $72 from $71 at DA Davidson

DA Davidson raised the firm’s price target on Customers Bancorp to $72 from $71 and keeps a Buy rating on the shares. Most banks are projecting positive pre-provision net revenue growth in the second half of the year, but Customers Bancorp sees growth of 10%-15% in 2024, led by solid loan growth and early innings remixing the funding base, the analyst tells investors in a research note. Instead of providing an expense outlook, the bank is also targeting an efficiency ratio in the mid-40’s vs. 47.2% in FY23, and will manage the expense growth in concert with the pace of revenue growth, the firm added.