City Holding price target raised to $130 from $125 at Piper Sandler

Piper Sandler raised the firm’s price target on City Holding (CHCO) to $130 from $125 and keeps a Neutral rating on the shares. The firm notes the company saw its net interest margin slide unexpectedly lower for the first time in a year and for PPNR and EPS to miss expectations. More positively, loan growth picked up significantly to positive 8.5% LQA that may point to a higher growth trajectory. Piper views shares as fairly valued at a premium 2.8 times TBV given strong returns and a solid capital return profile.