S&T Bancorp price target lowered to $28 from $29 at DA Davidson

DA Davidson analyst Manuel Navas lowered the firm’s price target on S&T Bancorp to $28 from $29 and keeps a Neutral rating on the shares. The company’s Q3 results profiled strong loan growth, steadier deposit trends, lower credit costs, and a still elevated net interest margin, though its pre-provision net revenue missed on weaker net interest income and operating expense while its in-line EPS was driven by lower than expected provision on lower net charge offs, the analyst tells investors in a research note.