e.l.f. Beauty stock plummets 20% as revenue and guidance fall short of expectations
Investing.com - Raymond James lowered its price target on Peapack-Gladstone Financial (NASDAQ:PGC) to $35.00 from $39.00 while maintaining a Strong Buy rating. The stock currently trades at $25.28, down 19.39% year-to-date, suggesting significant upside potential according to InvestingPro data.
The price target reduction follows third-quarter results that missed consensus expectations, according to the investment firm. InvestingPro data shows that three analysts have recently revised their earnings expectations downward for the upcoming period.
Despite the earnings miss, Raymond James cited several positive factors supporting its continued Strong Buy rating, including a 6.9% increase in non-interest-bearing deposits quarter-over-quarter, which now represent 20% of total deposits.
The firm also highlighted that core deposits increased 4.1% from the previous quarter to 94% of total deposits, while net interest margin continues to expand and loan growth remains strong.
Raymond James attributed the price target reduction to revised earnings expectations and lower industry valuations, while maintaining that Peapack-Gladstone ’s earnings and franchise value should continue to improve due to the bank’s deposit initiatives.
In other recent news, Raymond James has reiterated its Strong Buy rating for Peapack-Gladstone Financial. Despite disappointing second-quarter results, the firm maintains a price target of $39.00. Peapack-Gladstone Financial faced several challenges during this period, including credit deterioration and increased expenses due to additional investments. The company also experienced weaker net interest income, attributed to lower deposit balances. These developments have been noted by Raymond James, which continues to express confidence in the company’s prospects. Investors may find it notable that the firm’s analysis supports a positive outlook despite the recent hurdles. This reiteration of a Strong Buy rating highlights the investment firm’s belief in the company’s potential for recovery and growth.
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