Bank of Marin price target lowered to $21 from $23 at DA Davidson

DA Davidson analyst Jeff Rulis lowered the firm’s price target on Bank of Marin to $21 from $23 and keeps a Neutral rating on the shares. The company’s Q4 earnings shortfall that was tied to balance sheet restructuring moves has a tangible offsetting positive influence on net interest margin ahead, the analyst tells investors in a research note. The firm adds that time will tell if the bank’s proactive approach to identifying problem credits early will accelerate a path back to the bank’s historically strong standing or whether the sector is seeing initial signs of a worsening asset quality cycle.