Piper Sandler lowered the firm’s price target on South Plains Financial (SPFI) to $46 from $48 and keeps an Overweight rating on the shares. The firm notes core EPS of 91c beat consensus and was in-line with Piper’s estimates. Though the lower LLP added 5c, the firm saw the quarter’s results as solid overall. The biggest headwind to forward earnings came from the 5.2% decline in loans. However, impressive 15.8% EOP deposit growth impressed to the upside and should aid the average balance sheet further in Q2, adds Piper.
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