Home BancShares price target lowered to $24 from $25 at Stephens

Stephens lowered the firm’s price target on Home BancShares to $24 from $25 and keeps an Overweight rating on the shares. The company’s Q3 results were highlighted by good cost controls and lower LLP expense, and the firm is encouraged to see positive loan growth, the analyst tells investors. However, PPNR and EPS missed the Q3 consensus forecast, which was largely due to soft fees and slower NII, Stephens adds. Capital levels do continue to build, which will position the company well for deployment in 2024, the firm says.