Civista Bancshares (CIVB) PT Lowered to $26 at DA Davidson

DA Davidson analyst Russell Gunther lowered the price target on Civista Bancshares (NASDAQ: CIVB) to $26.00 (from $27.00) while maintaining a Buy rating.

The analyst comments "Our take: CIVB announced an acquisition and a capital raise that should drive a stronger growth trajectory due to improved funding and right-sized capital. A clearer path to $6B+ in assets raises the ceiling to shares offsetting a -13.7% drop on the raise that matches the 14% discount in the offering. We believe there is value in this OH franchise (1.1x '26E P/TBV vs 1.4x KRX peers) due to its gem of a deposit franchise (1.5% core deposit costs), its rebounding profitability, and now stronger growth prospects that offsets EPS dilution by '27E. With 21% upside to our PT, we reiterate BUY. "

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