Texas Capital price target raised to $100 from $96 at Piper Sandler

Piper Sandler raised the firm’s price target on Texas Capital (TCBI) to $100 from $96 and keeps a Neutral rating on the shares. The firm notes Q1 results were highlighted by better fee income, growth in the net interest margin, and continued capital deployment with the buyback. Management’s continued investments in their mortgage finance, wealth management, and investment banking businesses appear to be bearing fruit, and they noted impressive cross-selling and coordination across business lines. However, meaningful loan and deposit growth remains key to achieving higher profitability for the bank, adds Piper.