Associated Banc-Corp price target lowered to $28 from $30 at Raymond James

Raymond James lowered the firm’s price target on Associated Banc-Corp (ASB) to $28 from $30 and keeps an Outperform rating on the shares. The tone of recent investor meetings with CEO Andy Harmening and CFO Derek Meyer was “mostly positive,” aside from the volatile macro backdrop related to tariffs, while management remains committed to reaching its growth and profitability goals, the analyst tells investors in a research note. Raymond James remains bullish on the shares and believes valuation multiples will re-rate over time as the bank executes on its plans.