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Stellar Bancorp price target lowered to $28 from $31 at Raymond James

Raymond James lowered the firm’s price target on Stellar Bancorp (STEL) to $28 from $31 and keeps an Outperform rating on the shares. While the balance sheet again contracted more than expected in Q1, a function of continued optimization and elevated payoffs and paydowns within its commercial real estate portfolio, Stellar is nearing a trough for the balance sheet, the analyst tells investors in a research note. The broader economic uncertainty makes growth difficult near-term, leaving growth likely back-half weighed as pipelines build, the firm argues.

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