DA Davidson lowered the firm’s price target on Texas Capital to $59 from $62 and keeps a Neutral rating on the shares. After five quarters in a row of quarterly pre-provision net revenue, PPNR, growth relative to prior year, the company expects PPNR to be lower in Q4, with pressure coming from net interest income on net interest margin compression, weakness in mortgage warehouse lending, and strategic decision to sell $164M of non-core loans, the analyst tells investors in a research note.
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