Prosperity Bancshares (PB) PT Raised to $80 at Piper Sandler

Piper Sandler analyst Stephen Scouten raised the price target on Prosperity Bancshares (NYSE: PB) to $80.00 (from $73.00) while maintaining a Overweight rating.

The analyst commented, "Shares of PB have outperformed on the day as we saw the NIM and NII move higher while credit remained steady. We came away from the call remaining encouraged about the path of the NIM and NII, though we do model NII lower on a smaller balance sheet given slower growth expectations. Additionally, we were pleased to see some opportunistic usage of the share repurchase and discussions of M&A activity percolate. We are not modeling much in the way of repurchases moving fwd given the share price recovery, but we do have excess capital continuing to build rapidly - positioning PB well for future acrretive deployment."

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