BancFirst price target lowered to $92 from $95 at DA Davidson

DA Davidson analyst Gary Tenner lowered the firm’s price target on BancFirst to $92 from $95 and keeps a Neutral rating on the shares. The company reported a solid Q4 earnings beat with modest spread income upside, despite slightly greater than expected net interest margin compression, but while deposit pricing has stabilized, a continued mix shift is likely to increase overall funding costs, pressuring net interest income and margin levels through the first half of the year, the analyst tells investors in a research note.