Trustmark price target raised to $38 from $35 at DA Davidson

DA Davidson analyst Gary Tenner raised the firm’s price target on Trustmark (TRMK) to $38 from $35 and keeps a Neutral rating on the shares. The company’s Q3 earnings beat was highlighted by stronger than expected spread income on stronger than expected net interest margin expansion, the analyst tells investors in a research note. While maintaining strong capital with CET1 of 11.3%, Trustmark is unlikely to utilize its buyback, preferring to utilize capital for organic growth and potential inorganic opportunities, the firm added.