ChoiceOne Financial price target lowered to $39 from $41 at DA Davidson

DA Davidson lowered the firm’s price target on ChoiceOne Financial (COFS) to $39 from $41 and keeps a Buy rating on the shares after its Q4 results. The company’s strong loan production was met by a lower than assumed net interest margin versus the firm’s model, which drove a reduction in its forward EPS estimates and price target the analyst tells investors in a research note. The firm adds however that the fee income benefited from somewhat non recurring items, and core expenses were held in check while credit quality held no surprises.