South State price target lowered to $119 from $120 at UBS

UBS lowered the firm’s price target on South State (SSB) to $119 from $120 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results for mid-cap banks. The firm started this year with caution optimism on the belief that capital-rich and higher growth peers are poised to take advantage of a commercial lending rebound, the analyst tells investors in a research note. The back half of the year is where these trends may start playing out, especially if lending outlooks follow through with back half growth, the firm added.