South State price target lowered to $112 from $117 at DA Davidson

DA Davidson analyst Gary Tenner lowered the firm’s price target on South State (SSB) to $112 from $117 and keeps a Buy rating on the shares. The company’s quarter was above expectations, though its net interest income was driven by an outsized quarter of purchase accounting accretion, pressuring the year-out outlook, the analyst tells investors in a research note. Improved loan growth and potential repurchase activity are the two likeliest avenues to offset the net interest income headwind over the next 12-15 months, the firm added.