Customers Bancorp price target raised to $65 from $55 at Maxim

Maxim analyst Michael Diana raised the firm’s price target on Customers Bancorp to $65 from $55 and keeps a Buy rating on the shares. The company reported a “big” Q3 earnings beat that was aided by outsized discount accretion from a loan portfolio acquired in 2Q23, the analyst tells investors in a research note. The beat was driven not only by discount accretion, but also by 8.5% growth in core deposits, positive mix shifts in funding and earning assets, and lower core expenses, the firm added.