Fulton Financial price target lowered to $16 from $17 at Jefferies

Jefferies lowered the firm’s price target on Fulton Financial to $16 from $17 and keeps a Hold rating on the shares. In a Q1 preview for the U.S. banks group, the firm made “modest” estimate revisions, based mostly on a move to expecting six Fed cuts from eight through 2025, softer loan growth, and better capital markets fees. The firm now forecasts three Fed cuts of 25 basis points each in 2024 and three cuts in 2025, the analyst tells investors.