Stephens analyst Andrew Terrell lowered the firm’s price target on Banner Corp. to $51 from $54 and keeps an Overweight rating on the shares. The company’s Q3 results were highlighted by a “solid” PPNR beat, a NII beat, positive credit trends, and modest customer deposit growth, the analyst tells investors. The firm expects another quarter of modest margin compression before it begins to stabilize or slightly expand and believes it can remain conservative on its margin forecast throughout 2024, given the company’s positive loan repricing commentary, Stephens adds.
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