First Business Financial price target lowered to $31 from $33 at DA Davidson

DA Davidson analyst Jeff Rulis lowered the firm’s price target on First Business Financial to $31 from $33 and keeps a Neutral rating on the shares after its Q1 earnings miss driven by lower net interest income and higher expenses than anticipated. The firm notes however that the franchise stability of First Business Financial was well represented by loan and deposit growth, healthy fee income contribution, declining non-performing assets, tangible book value expansion and steady capital.