Veritex price target raised to $23 from $21 at Stephens

Stephens analyst Matt Olney raised the firm’s price target on Veritex to $23 from $21 and keeps an Equal Weight rating on the shares. The company’s Q2 results were highlighted by a net intertest income beat, which was due to loan and deposit betas being better than forecasted, the analyst tells investors. However, the firm expects a moderate level of net interest income and net interest margin pressure in Q3 due to deposit pricing headwinds, leading the firm to lower its 2023 EPS / PPNR forecast, Stephens says.