First Financial Bancorp price target lowered to $28 from $30 at Raymond James

Raymond James analyst Daniel Tamayo lowered the firm’s price target on First Financial Bancorp (FFBC) to $28 from $30 and keeps an Outperform rating on the shares. Core trends were solid in Q3, with stronger fee revenues driving pre-tax pre-provision income upside despite higher expenses, while credit metrics remained healthy though elevated commercial real estate payoffs and seasonal deposit outflows limited balance sheet growth, the analyst tells investors in a research note.