Wintrust Financial price target lowered to $110 from $120 at DA Davidson

DA Davidson analyst Jeff Rulis lowered the firm’s price target on Wintrust Financial to $110 from $120 but keeps a Buy rating on the shares after its Q4 earnings miss. The analyst cites his reduced net interest income and increased operating expense forecasts, though he notes that he was encouraged by Wintrust’s "steady" loan growth and "zero indication" of credit deterioration. Rulis adds that he expects the company’s operating leverage to continue, but should the Fed pivot on rates, he also views its net interest margin downside as "more capped".