Home BancShares price target lowered to $33 from $35 at Piper Sandler

Piper Sandler lowered the firm’s price target on Home BancShares (HOMB) to $33 from $35 and keeps an Overweight rating on the shares. The firm notes that the market reaction to Q1 results was much as it had expected given the lack of loan growth, and concerns about loan growth over the next couple of quarters. While Piper did reduce its 2027’s by about 5.5%, the firm thinks that the shares should re-rate throughout the year given the bank’s ability to deliver top-quartile profitability, along with a conservative balance sheet and the potential for capital deployment through M&A and repurchases.