Citi analyst Benjamin Gerlinger raised the firm’s price target on Cadence Bank to $32 from $27 and keeps a Neutral rating on the shares.The analyst fine-tuned estimates to account for the bank’s “multitude of non-core items” in Q4, including the now closed insurance divestiture, securities restructuring, wholesale borrowing paydown, special assessment charge, and layering in 1M shares of repurchases per quarter in 2024. Citi also closed its “positive catalyst watch” on Cadence, saying the recent share price movement fully captures any potential upside from the positive reconfiguring of the core franchise.
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