Raymond James lowered the firm’s price target on OceanFirst Financial (OCFC) to $21 from $24 and keeps a Strong Buy rating on the shares. The firm’s model contemplates a more conservative pace of loan growth in 2025 and resumption of share repurchases in 1Q25 given the recent decline in shares. While management remains confident that loan growth prospects are set to improve moving forward, the rise in macroeconomic uncertainty has weighed on borrower demand so far in Q1, slightly reducing the firm’s 2025 loan growth forecast to 3.4% from 4.6%, the analyst tells investors in a research note.
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