First Interstate price target raised to $34 from $27 at DA Davidson

DA Davidson raised the firm’s price target on First Interstate to $34 from $27 and keeps a Neutral rating on the shares after its Q2 earnings beat. The bank has focused on balance sheet optimization for a few quarters now with modest growth driving a turn in net interest margins, though its credit update also shows progress, its expenses are “well controlled”, and its fee income has upside, the analyst tells investors in a research note.