Business News

1st Source price target lowered to $51 from $53 at DA Davidson

Deutsche Bank price target raised to EUR 11.50 from EUR 11 at Barclays

DA Davidson analyst Manuel Navas lowered the firm’s price target on 1st Source to $51 from $53 and keeps a Neutral rating on the shares. The stock was under pressure last week on its earnings miss and the company’s warning of net interest margin pressure going forward due to rising funding costs to fund substantial core loan growth. Navas is raising his FY23 EPS view by 30c to $4.45 on expectations of a delay in higher credit costs, though he also cautions that reserves will be higher at 1st Source amid a recessionary environment.

Published first on TheFly

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