Cadence Bank price target lowered to $37 from $42 at DA Davidson

DA Davidson lowered the firm’s price target on Cadence Bank (CADE) to $37 from $42 and keeps a Buy rating on the shares. The company’s Q1 results topped consensus thanks to lower than expected loan loss provision and a lower noninterest expense than expected, the analyst tells investors in a research note. Cadence continues to focus capital usage for organic growth and opportunistic M&A, rather than a buyback, the firm added.