United Community Banks price target lowered to $28 from $31 at Truist

Truist analyst Brandon King lowered the firm’s price target on United Community Banks to $28 from $31 and keeps a Hold rating on the shares. The analyst adjusted bank price targets and estimates to reflect the firm’s updated interest rate forward curve assumption of 75 basis points of rate cuts in 2024 and 2025, and reduced downward deposit betas. Truist adjusted its rate outlook and now forecasts three 25 point cuts in 2024, beginning in June, followed by three more 25 point cuts in 2025. Deposit competition remains intense and liquidity continues to be at top priority, the analyst tells investors in a research note.