DA Davidson analyst Kevin Fitzsimmons lowered the firm’s price target on United Community Banks to $30 from $31.50 and keeps a Buy rating on the shares. The analyst cites the company’s filing disclosure yesterday that it expects to incur $19.0M of charge-offs tied to one now-bankrupt relationship, on which United Community had an 8.7% participation in a larger syndicated credit. The credit is viewed by the company as idiosyncratic and shouldn’t signal any specific broader concerns, but such situations are indicative of where conditions are in the credit cycle, the firm added.
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