Prosperity Bancshares price target raised to $78 from $70 at Keefe Bruyette

Keefe Bruyette analyst Brady Gailey raised the firm’s price target on Prosperity Bancshares to $78 from $70 and keeps an Outperform rating on the shares. Prosperity was recently used as one of KBW’s best ideas into 2024, the analyst tells investors in a research note. The firm says the higher price target incorporates a higher conviction on the possible upside scenario and as it assumes a higher likely earnings multiple over the next year. Keefe likes the bank’s franchise, its “attractive most Texas markets, its clean track record on credit quality, its above average profitability,” and likely net interest margin expansion next year.