United Bankshares price target lowered to $34 from $36 at Stephens

Stephens lowered the firm’s price target on United Bankshares to $34 from $36 and keeps an Equal Weight rating on the shares. Net interest margin of 3.44% declined quarter-over-quarter and came in below consensus and Stephens’ estimates and is guided stable, notes the firm, who sees this weighing on the firm’s FY24 and FY25 pre-provision net revenue forecasts by 6% and 8%, respectively.