Ameris Bancorp (ABCB) PT Raised to $64 at Stephens

Stephens analyst Tyler Stafford raised the price target on Ameris Bancorp (NASDAQ: ABCB) to $64.00 (from $52.00) while maintaining a Equal Weight rating.

The analyst comments "Operating EPS of $1.17 beat the Street of $1.15, aided by a lower provision (+$0.03) alongside 18bp of NCOs that were below expectations and stable asset quality trends. Core PPNR of $127.8M beat Consensus by 2%, or ~$0.02, as stronger NII (+$0.08) and fees (+$0.03) were partly offset by higher expenses (-$0.08). PPNR was in-line with Stephens. Loan growth of 7.6% LQA (4.3% ex-mortgage warehouse) came in a bit above Consensus and our 6.7% due to mortgage warehouse with a mid-single-digit guide reiterated, and deposits the governor (+8.5% LQA, non-IB +6.8%, and above peer 31% of mix). NIM expansion of 7bp to 3.58% beat Consensus of 3.49% and enjoyed a 1x benefit of 4bp; however, we believe ABCB can keep core NIM flat Q/Q. We raise ‘24E and ‘25E PPNR by 1% and related operating EPS to $4.85 and $4.95, and target to $64 from $52, reiterate EW."

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