Ameris upgraded to Buy on ‘healthy capital’ at DA Davidson

DA Davidson analyst Kevin Fitzsimmons upgraded Ameris Bancorp to Buy from Neutral with a price target of $44, up from $43. The analyst says the company’s “healthy capital” make it “uniquely insulated” from unrealized losses tied to higher interest rates. This will be increasingly important for investors as higher rates will incrementally steepen the hit from accumulated other comprehensive income on tangible book values in Q3, and investors continue to weigh the impact of eventual tightening of capital rules on banks, the analyst tells investors in a research note.