Texas Capital price target lowered to $61 from $66 at RBC Capital

RBC Capital analyst Jon Arfstrom lowered the firm’s price target on Texas Capital to $61 from $66 and keeps a Sector Perform rating on the shares. The analyst states that while the firm’s r longer-term outlook for the company is unchanged, as it remains encouraged by strategic momentum at the franchise, its revisions reflect the challenging near to medium term mortgage environment and more modest near-term investment banking expectations. RBC also is also adjusting its reported expense assumptions following the finalization of the FDIC special assessment.