Summit Financial Group price target raised to $27 from $25 at DA Davidson

DA Davidson raised the firm’s price target on Summit Financial Group (SMMF) to $27 from $25 and keeps a Neutral rating on the shares after Summit announced a deal to merge with and into Burke & Herbert Financial Services (BHRB) in an all-stock merger of equals valued at approximately $371.5M, or $25.20 per share of Summit common stock. Summit has found “an ideal MOE partner to fill the DC-sized gap in its branch map” and partner with a management team that has generated a stronger relative valuation, says the firm, which notes that expectations include “massive EPS accretion” and points out that it models “a more conservative earnings trajectory.”