Midland States price target lowered to $21 from $27 at DA Davidson

DA Davidson lowered the firm’s price target on Midland States (MSBI) to $21 from $27 and keeps a Neutral rating on the shares. The firm contends that while Q4 has the potential to be the catalyst to more streamlined core results ahead, it will require adept credit execution with limited backsliding, and DA Davidson has reduced its EPS projections on a lower net interest income outlook and higher expense assumptions, the analyst tells investors in a research note.