US stock futures dip as Nvidia earnings spark little cheer
Investing.com - DA Davidson raised its price target on Broadsoft (NASDAQ:BSFT) to $31.00 from $29.00 on Wednesday, while maintaining a Buy rating on the stock.
The firm cited Broadsoft’s acquisition of Progressive Bancorp as an opportunistic move to expand its Northern Louisiana footprint. This acquisition represents approximately 9.5% of Broadsoft’s assets.
DA Davidson estimates the deal will provide solid earnings per share accretion of approximately 10% on 2026 estimates, assuming full cost savings. The tangible book value dilution is considered manageable at -3% with a quick two-year earn back period.
The acquisition advances Broadsoft’s expansion plans into Northern Louisiana while leveraging Progressive’s lower cost deposit franchise, which has an 87% loan-to-deposit ratio.
DA Davidson highlighted Broadsoft’s current valuation of 1.3x price-to-tangible book value versus 1.6x at KRX peers, noting it offers an attractive entry point for the company’s above-peer loan growth and approximately 40% Texas exposure.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.