Veritex price target lowered to $34 from $36 at DA Davidson

DA Davidson analyst Gary Tenner lowered the firm’s price target on Veritex (VBTX) to $34 from $36 but keeps a Buy rating on the shares. The company’s Q4 results highlighted progress on lowering funding costs, which should continue in Q1, driving net interest margin expansion following a lower margin in the first full quarter of the easing cycle, the analyst tells investors in a research note. DA Davidson adds that it expects the balance sheet and fee income momentum to generate improved EPS for Veritex.