Unity Bancorp price target raised to $43 from $39 at Keefe Bruyette

Keefe Bruyette analyst Christopher O’Connell raised the firm’s price target on Unity Bancorp to $43 from $39 and keeps an Outperform rating on the shares. The bank reported a “strong Q3 earnings beat across the board, the analyst tells investors in a research note. The firm says Unity’s balance sheet is well positioned for a rate cutting environment with just 15% loans floating rate, origination yields still well above the portfolio yield, and deposit costs coming down. Keefe believes the stock’s valuation dynamics “remain highly attractive.”