N.T. Butterfield price target raised to $46 from $43 at Wells Fargo

Wells Fargo analyst Timur Braziler raised the firm’s price target on N.T. Butterfield (NTB) to $46 from $43 and keeps an Overweight rating on the shares. The firm notes a surprisingly large net interest income beat capped off what turned out to be a very stable 2024, despite the overly asset sensitive balance sheet. Net interest income risk lessens through 2025, but now at a much higher run-rate, driving EPS and price target revisions higher, Wells adds.