Stephens analyst Matt Olney upgraded CrossFirst Bancshares to Overweight from Equal Weight with a price target of $18, up from $16 after the bank reported in-line PPNR and an EPS beat, driven by lower LLP expense and lower operating expense. Preliminary 2024 guidance confirms the consensus forecast that calls for steady operating leverage in “a year when most of its peers will struggle to maintain PPNR levels,” the analyst said. The firm believes current levels represent an “attractive entry point” for a “steady performer,” the analyst added.
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