Preferred Bank price target lowered to $104 from $108 at DA Davidson

DA Davidson lowered the firm’s price target on Preferred Bank (PFBC) to $104 from $108 and keeps a Neutral rating on the shares. The company’s earnings ramped this quarter with a stronger than expected net interest margin, strong loan growth, and a lower share count, driven by a Q2 revision and additional repurchase activity, the analyst tells investors in a research note. The positive resolution of a foreclosed real estate credit in early Q4 is an additional positive data point nearing the year-end, the firm added.