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Investing.com - TD Cowen has reduced its price target on South State (NYSE:SSB) to $120.00 from $127.00 while maintaining a Buy rating on the regional bank’s stock. With a market capitalization of $9.17 billion and a P/E ratio of 12.4, InvestingPro analysis suggests the stock is currently undervalued.
The price target adjustment comes after South State reported core earnings per share of $2.58, exceeding consensus estimates. Despite the earnings beat, the stock underperformed peers by approximately 4%.
TD Cowen analyst Janet Lee noted that the earnings outperformance was partially driven by higher loan accretion, while a tempered outlook for deposit beta weighed on investor sentiment.
The firm highlighted that South State’s organic growth momentum is building, with loan growth expected to accelerate in 2026. This growth projection is supported by strong pipelines in both new and legacy markets, which TD Cowen describes as "the fastest growing regions in the US."
TD Cowen recommended investors buy South State shares on the recent weakness, suggesting the current price represents an attractive entry point despite the reduced price target.
In other recent news, South State Corp reported its third-quarter earnings for 2025, surpassing expectations with an earnings per share (EPS) of $2.58, compared to the forecasted $2.10. The company also reported revenue of $699 million, exceeding the forecast of $660.72 million. Despite the positive earnings results, the stock experienced a decline, indicating mixed investor sentiment. Additionally, Piper Sandler adjusted its price target for South State to $118 from $121, while maintaining an Overweight rating. The firm noted that South State’s results exceeded expectations "nearly across the board," even as recent market sentiment led to underperformance in the stock price. These developments highlight the company’s strong financial performance amid fluctuating market perceptions.
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