Morgan Stanley analyst Manan Gosalia lowered the firm’s price target on Prosperity Bancshares to $58 from $69 and keeps an Equal Weight rating on the shares. Given the lack of real-time data on individual bank deposit trends, uncertainty for the mid-cap banks is high, but "one thing is clear: Street estimates need to move down meaningfully," the analyst tells investors in a preview note for the group. The firm, which has cut 2023 and 2024 EPS estimates in its mid-cap bank coverage by 17% and 27%, respectively, adds that it favors banks with "funding flexibility."
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on PB:
- Prosperity Bancshares price target lowered to $71 from $83 at Truist
- Prosperity Bancshares management to meet with Piper Sandler
- Prosperity Bancshares participates in a conference call hosted by DA Davidson
- 3 Stocks to Buy Today, 3/13/2023, According to Top Analysts
- DA Davidson upgrades Prosperity Bancshares to Buy on ‘great defensive’ qualities