Simmons First National (SFNC) PT Lowered to $28 at Stephens

Stephens analyst Matt Olney lowered the price target on Simmons First National (NASDAQ: SFNC) to $28.00 (from $29.00) while maintaining a Overweight rating.

The analyst commented: "For the third consecutive quarter, SFNC reported EPS/PPNR beat driven by stronger NII/NIM as 4Q24 repricing trends for deposits and loans each outperformed consensus expectations. We expect incremental NII/NIM tailwinds that should drive positive operating leverage throughout 2025 as we interpret the guidance to result in ~14% YoY PPNR growth. Given the 2024 trend of performance relative to management guidance, we sense there remains a level of conservatism in the 2025 outlook. We continue to believe the Bank's profitability is ramping back towards historical levels, so 2026 is also positioned for double-digit PPNR growth. While not in our forecast, we think the bank could potentially pull-forward profitability via balance sheet restructuring that could partially eliminate a negative carry trade. Our $28 Price Target (was $29) represents 15x our 2026 EPS forecast and 1.55x our 12-months TBVPS forecast. Our rating is Overweight."

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