First Financial Bancorp price target raised to $34 from $33 at Raymond James

Raymond James analyst Daniel Tamayo raised the firm’s price target on First Financial Bancorp (FFBC) to $34 from $33 and keeps an Outperform rating on the shares. The quarter was strong overall, driven by higher net interest margin that boosted net interest income, alongside solid fee performance and disciplined expense control that improved the pre-provision net revenue profile, the analyst tells investors in a research note. However, loan balances declined with a softer near-term outlook, and credit costs were elevated and expected to remain somewhat pressured going forward, the firm says.