Flagstar Bank price target raised to $17 from $16 at DA Davidson

DA Davidson analyst Peter Winter raised the firm’s price target on Flagstar Bank (FLG) to $17 from $16 and keeps a Buy rating on the shares after its Q1 results. There were many green shoots to point to in the quarter including, continued improvement in credit trends, strong core deposit growth of over $1B, C&I loan growth starting to accelerate, and peer leading capital ratios, but the management also continues to lower its revenue forecast as commercial real estate and multifamily paydowns continue to be elevated, the analyst tells investors in a research note.