Sandy Spring Bancorp price target lowered to $28 from $32 at DA Davidson

DA Davidson analyst Manuel Navas lowered the firm’s price target on Sandy Spring Bancorp to $28 from $32 but keeps a Buy rating on the shares after its Q1 results. The company is responding to funding pressures by curtailing loan growth and cutting expenses, with expectations remaining for net interest margin stability and expansion in the second half of the year after the Fed rate tightening pause, the analyst tells investors in a research note. The firm also believes that Sandy Spring shares trade at too steep a discount at 0.9-times tangible book value given the potential net interest margin rebound in the second half of the year.