HBT Financial upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded HBT Financial to Outperform from Market Perform with a $23 price target. The firm says meetings with management left it more bullish on the shares. The meetings centered around HBT’s “disciplined” credit culture and prospects for incremental acquisitions, the analyst tells investors in a research note. Raymond believes the bank’s disciplined underwriting culture should drive below-peer credit costs through a potential downturn. HBT shares should trade at “solid premium valuation multiples to peers,” says the firm.