Customers Bancorp price target raised to $42 from $40 at DA Davidson

DA Davidson analyst Peter Winter raised the firm’s price target on Customers Bancorp to $42 from $40 and keeps a Buy rating on the shares. While the stock has nearly doubled from its May 4th low, there is still plenty of upside as shares trade at 0.75-times reported tangible book value, the analyst tells investors in a research note. The firm adds that the Customers Bancorp management is intentionally slowing balance sheet growth to strengthen the deposit franchise, remix the loan portfolio to improve returns, and build capital.