N.T. Butterfield price target lowered to $36 from $41 at Raymond James

Raymond James analyst Steve Moss lowered the firm’s price target on N.T. Butterfield to $36 from $41 and keeps an Outperform rating on the shares. The firm continues to view the risk/reward favorably given a longer tail to NIM expansion, its risk low-risk density balance sheet, and its strong deposit franchise combined with its discounted P/E valuation and attractive dividend, the analyst tells investors in a research note.