First Foundation price target raised to $8 from $6 at Wedbush

Wedbush analyst David Chiaverini raised the firm’s price target on First Foundation to $8 from $6 and keeps an Outperform rating on the shares. First Foundation reported a mixed quarter as NIM declined to 1.25% in Q2 from 1.83% in Q1 driven by higher deposit costs, partially offset by deposit balances increasing $755M sequentially, the analyst tells investors in a research note. First Foundation has very low exposure to construction, hotels, and commercial office loans, and the company’s strong credit performance remains a cornerstone of the bank, the firm says.