Community Trust Bancorp (CTBI) PT Lowered to $61 at Raymond James

Raymond James analyst Daniel Tamayo lowered the price target on Community Trust Bancorp (NASDAQ: CTBI) to $61.00 (from $63.00) while maintaining a Outperform rating.

The analyst comments "We reiterate our Outperform rating but reduce our price target to$61 on CTBI shares following 3Q results. Trends were mixed as NCOs were elevated (USDA-guaranteed credit), NIM fell short, and expenses exceeded forecasts. That said, balance growth remained strong, fees (excluding a securities loss) modestly outperformed, and asset quality remains stable across the portfolio. Further, NIM should trend upwards as it realizes funding cost benefits from recent and expected rate cuts, which, coupled with better balance sheet growth, lifts our EPS forecasts. Net, with expectations for solid profitability and resilient growth and credit quality through the cycle, we believe risk-reward dynamics remain compelling for CTBI shares trading at a discount to peers."

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