South State price target lowered to $82 from $91 at Truist

Truist analyst Brandon King lowered the firm’s price target on South State to $82 from $91 and keeps a Buy rating on the shares as part of a broader research note that anticipates lower net interest margins, slower loan growth, and higher credit costs for banks. The analyst states that the firm’s model now calls for one more 25bps FOMC rate hike in May followed by 200bps of rate cuts in 2024. Truist also continues to forecast a recession later this year with incrementally higher net charge offs, loan loss provisioning, and reserve levels.