Avidbank Holdings price target lowered to $27 from $29 at DA Davidson

DA Davidson analyst Gary Tenner lowered the firm’s price target on Avidbank Holdings to $27 from $29 but keeps a Buy rating on the shares. Q3 remained a challenging period for Avidbank from a funding perspective, in part due to stronger than expected loan growth and late quarter deposit outflow that appears to have reversed in January, but the firm was encouraged by the sequential increase in net interest income for the company in Q4, reflecting its actions taken to reduce expenses, along with the momentum within the Treasury Management division, the analyst tells investors in a research note.