Truist analyst Brandon King lowered the firm’s price target on Wintrust Financial to $112 from $117 and keeps a Buy rating on the shares as part of a broader research note recapping Q1 earnings among Community and Regional Banks. The firm’s updated model for Fed funds rate forecast calls for zero cuts in 2024 and four 25bps cuts in 2025 from three in 2023 and 2024 previously, the analyst tells investors in a research note. Truist is also revising its FY24 and FY25 EPS on the bank to $9.97 and $10.45 from $10.06 and $10.11, with estimate revisions reflecting higher fee income being offset by higher operating expenses and provisioning, the firm added.
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