N.T. Butterfield price target lowered to $32 from $36 at Raymond James

Raymond James analyst David Feaster lowered the firm’s price target on N.T. Butterfield to $32 from $36 and keeps an Outperform rating on the shares. Core trends generally remained favorable in Q1, and while deposit outflows were above forecast, management has been anticipating this and positioned its balance sheet with enough liquidity to fund these quickly, the analyst tells investors in a research note. The firm expects deposit balances to stabilize, and is conservatively forecasting NIM remaining in the low-to-mid 2.90% range near-term.