1st Source price target raised to $51 from $47 at DA Davidson

DA Davidson analyst Peter Winter raised the firm’s price target on 1st Source to $51 from $47 and keeps a Neutral rating on the shares. The company’s Q3 results were “solid”, led by strong credit trends and modest growth in net interest income, the analyst tells investors in a research note. The firm adds that its price target models 11.5-times expected forward earnings multiple, which is a premium relative to its small-cap bank group target of 9.5-times due to above average capital ratios and strong credit trends.