First Busey price target raised to $24 from $20 at DA Davidson

DA Davidson analyst Jeff Rulis raised the firm’s price target on First Busey to $24 from $20 and keeps a Neutral rating on the shares. The merger with Merchants & Manufacturers Bank announced last week is modest in size and financial impact, but it also represents a low-risk and low tangible book value dilution combination that yields a niche lending specialty and further penetration in key operating markets, the analyst tells investors in a research note.