First Foundation price target lowered to $9.50 from $18.00 at Raymond James

Raymond James lowered the firm’s price target on First Foundation to $9.50 from $18.00 and keeps an Outperform rating on the shares. While estimates are under pressure near-term given the aggressive pace of Fed rate hikes, the firm believes EPS and profitability are troughing as the Fed likely pauses, and the bank is positioned well should the Fed cut rates given its liability sensitive balance sheet, the analyst tells investors in a research note.