First Foundation price target lowered to $7 from $8 at Wedbush

Wedbush analyst David Chiaverini lowered the firm’s price target on First Foundation to $7 from $8 and keeps an Outperform rating on the shares. The firm said the company reported a mixed quarter highlighted by better-than-expected NIM expansion, following four consecutive quarters of NIM declines, leading to a net interest income beat, However, period end deposits came in well below prior estimates, the analyst tells investors in a research note.