South State price target raised to $120 from $115 at Raymond James

Raymond James raised the firm’s price target on South State (SSB) to $120 from $115 and keeps a Strong Buy rating on the shares. The firm cites solid Q4 2025 results that exceeded its forecasts/consensus on a core EPS/PPR basis. Raymond James’ EPS estimates move higher as confidence in its growth momentum builds, an increase in its fee income forecasts bolstered by stronger correspondent income, expectations for about 4% non-interest expense growth that incorporate its hiring/technology plans, and an increase in its share repurchase forecasts. The firm views risk-reward positively where solid/above peer profitability, robust capital levels, and relatively pristine credit metrics warrant a premium vs. peers.