Cadence Bank price target lowered to $25 from $29.50 at DA Davidson

DA Davidson lowered the firm’s price target on Cadence Bank to $25 from $29.50 but keeps a Buy rating on the shares after hosting a call between the management and institutional investors. The main takeaways of the discussion were that the deposit flows have held up over the past week as the bank benefits from a diverse and granular deposit base and that Cadence is very comfortable with its liquidity and capital, the analyst tells investors in a research note. The firm notes that while the price target cut reflects the sharp sell-off in the group, the discussion left it with increased confidence in Cadence’s balance sheet stability.