Stock Yards Bancorp price target raised to $70 from $60 at Stephens

Stephens analyst Terry McEvoy raised the firm’s price target on Stock Yards Bancorp (SYBT) to $70 from $60 and keeps an Overweight rating on the shares. Stock Yards’ relationship banking model has produced “impressive financial results” and the business model and market opportunities position the company for sustainable growth, the analyst tells investors in a post-earnings note. The company has successfully pulled out lenders from the larger banks in its multi state footprint and despite the outsized growth, credit trends have outperformed peers, the analyst added.