Southern First Bancshares price target raised to $30.50 from $29.50 at DA Davidson

DA Davidson raised the firm’s price target on Southern First Bancshares to $30.50 from $29.50 and keeps a Neutral rating on the shares after its Q3 results. The company’s net interest margins dipped below 2.00% and came in below forecast, but the negative provision should not be sustainable, the analyst tells investors in a research note. The firm adds that it has come away from the quarter incrementally positive on the future net interest margin trajectory, especially with assumed rate cuts in 2025, along with the bank’s cost control and the assumed pace of credit costs.