Glacier Bancorp price target lowered to $40 from $42 at Truist

Truist analyst Brandon King lowered the firm’s price target on Glacier Bancorp to $40 from $42 and keeps a Hold rating on the shares as part of a broader research note recapping Q1 earnings among Community and Regional Banks. The firm’s updated model for Fed funds rate forecast calls for zero cuts in 2024 and four 25bps cuts in 2025 from three in 2023 and 2024 previously, the analyst tells investors in a research note. Truist is also revising its FY24 and FY25 EPS on the bank to $1.65 and $2.34 from $1.53 and $2.37. The company’s net interest income should continue to sequentially increase through 2025 and see acceleration once Fed rate cuts occur, the firm states, also noting that Glacier’s credit trends continue to be positive.