Southside Bancshares price target lowered to $35 from $36 at Stephens

Stephens lowered the firm’s price target on Southside Bancshares to $35 from $36 and keeps an Equal Weight rating on the shares. The company’s Q4 results included an EPS/PPNR beat, which was driven by strong net interest income, the analyst tells investors. While the company’s cost controls were “excellent” in 2023, the recently updated guidance calls for increased spending in 2024, the firm says. Stephens is positively revising its EPS forecast due to the improved net interest margin outlook and believes Southside Bancshares could moderately benefit from lower interest rates if the Fed cuts them in 2024.