Stephens raised the firm’s price target on Red River Bancshares to $62 from $61 and keeps an Overweight rating on the shares. The company’s Q4 operational EPS beat consensus, which was driven by a higher net interest income and higher fee income along with lower operational and LLP expenses, the analyst tells investors. The firm is increasing its 2024 EPS forecast due to improving net interest margin trends. In the near-term, net interest margin should react favorably as the bank begins to benefit from slowing deposit pricing pressure and fixed asset repricing tailwinds, Stephen says. The firm believes the bank is well positioned to be opportunistic for mergers and acquisitions or accelerated loan growth in 2024.
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