Peapack-Gladstone price target raised to $49 from $39 at Raymond James

Raymond James analyst Steve Moss raised the firm’s price target on Peapack-Gladstone (PGC) to $49 from $39 and keeps a Strong Buy rating on the shares. Peapack-Gladstone delivered strong Q1 results ahead of expectations, as it continues to scale into a materially higher expense base built from recent talent and footprint expansion, the analyst tells investors in a research note. Prior investments have supported meaningful deposit and credit growth, though profitability remains below optimal levels, and management sees current low-double-digit loan and deposit growth as sustainable with continued, albeit slower, net interest margin expansion ahead, the firm says.