United Community Banks price target raised to $33 from $31 at Stephens

Stephens analyst Russell Gunther raised the firm’s price target on United Community Banks to $33 from $31 and keeps an Overweight rating on the shares. The firm’s revised FY23 and FY24 PPNR forecast are down 5% and 8%, respectively, as a result of a more pronounced deposit remix resulting in a NIM pressure-driven PPNR miss in Q2, but the firm believes “the bank and the stock at current levels are well positioned for the current environment,” the analyst tells investors.