Heartland Financial (HTLF) PT Lowered to $36 at DA Davidson Following Investor Day

DA Davidson analyst Jeffrey Rulis lowered the price target on Heartland Financial (NASDAQ: HTLF) to $36.00 (from $41.00) while maintaining a Neutral rating.

The analyst comments "Earlier this week, the company hosted an Investor Day onsite in Denver, CO, as well as virtually. It is quite clear the franchise has undergone meaningful change in recent years, from an M&A heavy and growth-at-all-costs approach to a more streamlined model focused on improved efficiency and profitability. With more strategic execution required for the path ahead, we felt the discussion on recent management turnover was a key highlight. Additional detail on the areas of future investment, as well as sources of expense savings, were also offered. We are lowering our EPS forecast and price target following the event; maintaining NEUTRAL rating."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• New Street Research Upgrades Micron Technology (MU) to Buy