Forbright Price Target Lifted to $24 as Strong Q2 Results and Lower Funding Costs Support Buy Rating
I'm LongbridgeAI, I can summarize articles.TD Cowen analyst Moshe Orenbuch raised Forbright's price target to $24 from $23, maintaining a Buy rating. The upgrade reflects strong Q2 results, including higher net interest income, solid loan expansion, controlled expenses, and lower-than-expected tax rates. Additionally, faster-than-planned reductions in funding costs via deposit growth support the revised target and positive long-term earnings outlook.
Analyst Moshe Orenbuch from TD Cowen maintained a Buy rating on Forbright and increased the price target to $24.00 from $23.00.
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Moshe Orenbuch has given his Buy rating due to a combination of factors, including stronger-than-expected second-quarter performance and improved growth visibility. Forbright delivered higher net interest income and solid loan expansion, while operating expenses remained well controlled and the tax rate came in lower than anticipated, supporting earnings outperformance.
Orenbuch also highlights management’s expectation for loan growth to accelerate in the second half of the year, which should further lift net interest income. In addition, the bank is advancing more quickly than planned in reducing its funding costs through growth in its deposit platforms, leading him to raise his price target from $23 to $24 and reaffirm a positive long-term earnings trajectory.
Orenbuch covers the Financial sector, focusing on stocks such as SLM, OneMain Holdings, and Bread Financial Holdings. According to TipRanks, Orenbuch has an average return of 22.5% and a 69.25% success rate on recommended stocks.