Peoples Bancorp price target lowered to $33 from $37.50 at Stephens

Stephens lowered the firm’s price target on Peoples Bancorp (PEBO) to $33 from $37.50 and keeps an Equal Weight rating on the shares. Positive underlying pre-tax, pre-provision net revenue trends in Q1 were offset by elevated net charge-offs and credit costs in the small ticket leasing portfolio, the analyst tells investors. While the firm recognizes the strength of the company’s underlying PPNR trends, it would like to see more consistent credit trends, the analyst added.