WSFS Financial price target raised to $59 from $58 at DA Davidson

DA Davidson analyst Manuel Navas raised the firm’s price target on WSFS Financial to $59 from $58 and keeps a Buy rating on the shares. The company’s 2024 outlook shines a spotlight on its valuable fee businesses that should “take the baton” from net interest income and net interest margin in FY24 to drive shareholder value, the analyst tells investors in a research note. The firm adds that the above-peer returns and high fee contribution of about 30% of net revenue at WSFS Financial justify multiple expansion.