Simmons First National (SFNC) PT Raised to $22.50 at DA Davidson

DA Davidson analyst Gary Tenner raised the price target on Simmons First National (NASDAQ: SFNC) to $22.50 (from $20.00) while maintaining a Neutral rating.

The analyst commented: "SFNC reported a largely in line quarter, with modest NIM expansion, Q/Q net interest income growth, and well-controlled expenses. We anticipate modest additional NIM expansion in the third quarter, as deposit costs appear near a peak, and fixed rate assets should continue to reprice higher. We believe SFNC could consider an additional bond transaction to boost forward earnings, which strikes us as a more likely use of capital than a buyback or intermediate term M&A activity. Maintain NEUTRAL rating with a revised $22.50 PT."

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