Peoples Bancorp price target lowered to $38 from $40 at DA Davidson

DA Davidson lowered the firm’s price target on Peoples Bancorp to $38 from $40 but keeps a Buy rating on the shares. The company’s Q4 pre-provision net revenue beat was driven by stronger fees, while its lower operating expense helped offset weaker net interest income, the analyst tells investors in a research note. The FY24 outlook with rate cuts lowers the bank’s net interest margin trajectory, though it should remain above 4% even in a more extreme fed funds scenario being cut 150bps this year, the firm added.