Coastal Financial price target lowered to $100 from $105 at Raymond James

Raymond James lowered the firm’s price target on Coastal Financial (CCB) to $100 from $105 and keeps a Strong Buy rating on the shares. Coastal Financial’s Q1 results fell short of Street EPS estimates, with the quarter including a greater than expected ramp in core noninterest expenses and the increase in its compliance infrastructure and onboarding costs was necessary to support the elevated growth rate, the analyst tells investors in a research note. The firm continues to believe Coastal will be a winner within the Banking as a Service space and believe it will continue to benefit from recent industry disruption.