WSFS Financial added to DA Davidson Best-of-Breed Bison initiative

DA Davidson keeps a Buy rating and $48 price target on WSFS Financial while adding the stock to the firm’s Best-of-Breed Bison initiative that seeks to identify the highest quality companies with “strong competitive positioning and exceptional financials”. The company looks well-positioned for both a higher-for-longer rate environment and a potential economic slowdown due to an elevated net interest margin supported by its funding profile and its protective credit and capital profile, the analyst tells investors in a research note. The firm also notes the bank’s excellent positioning as the largest local bank in the fragmented Philadelphia MSA, where market dominance is “still up for grabs”.