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Investing.com - Raymond James raised its price target on First Busey (NASDAQ:BUSE), a $2.2 billion regional bank with a 16.77% revenue growth, to $28.00 from $27.00 on Friday, while maintaining an Outperform rating on the stock.
The price target increase follows investor meetings that Raymond James hosted with First Busey’s leadership team, including CEO Van Dukeman and several other executives, in Boston and St. Louis.
Raymond James noted that the meetings had a positive tone, with discussions centered on First Busey’s strategy and growth potential in new markets, capital allocation, and to a lesser extent, credit concerns.
The investment firm expressed confidence in First Busey’s ability to successfully integrate the CrossFirst deal and expand in new markets without compromising its core deposit strength.
Raymond James believes First Busey shares should narrow their valuation gap compared to peers, supporting the higher price target while maintaining the Outperform rating.
In other recent news, First Busey Corporation reported second-quarter earnings that exceeded analyst expectations. The company posted adjusted earnings of $0.63 per share, surpassing the analyst consensus of $0.60. Revenue reached $198.05 million, which also beat estimates of $193.73 million. This represents a significant 69.9% increase compared to the same quarter last year. The strong revenue growth was driven by First Busey Corporation’s acquisition of CrossFirst Bankshares. These developments highlight the company’s recent performance and strategic moves in the market.
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