First Guaranty Bancshares price target lowered to $13.00 from $13.50 at DA Davidson

DA Davidson analyst Kevin Fitzsimmons lowered the firm’s price target on First Guaranty Bancshares to $13.00 from $13.50 and keeps a Neutral rating on the shares. The analyst is updating the firm’s model after the company and Lone Star Bank have mutually agreed to terminate the prior merger agreement due to “changed market conditions”, which likely relates to the outsized hit to First Guaranty’s stock in recent months, the firm tells investors in a research note.