Sierra Bancorp price target raised to $33 from $25 at DA Davidson

DA Davidson raised the firm’s price target on Sierra Bancorp to $33 from $25 and keeps a Buy rating on the shares after its Q2 earnings beat. The company had a strong loan growth quarter with its mortgage warehouse strategy paying benefits via increased balances from Q1, and this is expected to continue into Q3, the analyst tells investors in a research note. Core deposit costs also increased by only 2bps to 1.88%, contributing to greater than expected net interest margin expansion and top line revenue growth, the firm added.