NBT Bancorp price target lowered to $53 from $57 at DA Davidson

DA Davidson analyst Manuel Navas lowered the firm’s price target on NBT Bancorp (NBTB) to $53 from $57 but keeps a Buy rating on the shares. The company’s pre-provision net revenue beat on stronger net interest income, Fees, and operating expenditure, while its results profiled net interest margin expansion, deposit growth, and flat loan balances, the analyst tells investors in a research note. The long term opportunity in NBT from the upstate NY economic upswing and Evans Bancorp (EVBN) deal remains compelling even with CHIPS Act political risk, the firm adds.