South State price target raised to $90 from $88 at UBS

UBS raised the firm’s price target on South State to $90 from $88 and keeps a Neutral rating on the shares. The firm thinks the 2024 guide is right down the middle of the fairway and carries low risk given how close it is to consensus. That said, UBS’s margin trajectory is pushing 2025 net interest income 2% higher on the back of a higher deposit down beta and modestly better earning asset yields, pushing it 1% above 2025 consensus net interest income. However, the firm does think the 2024 guide leaves limited room for upside surprises, tempering its enthusiasm in the near-term.