Piper Sandler turns more positive on Simmons First
Piper Sandler upgrades regional lender Simmons First National SFNC.O to "overweight" from "neutral"; raises PT to $27.50, implying a 19.7% upside to the last close.
SFNC late Thursday unveiled a move to close 26 branches across six states as it looks to simplify its business and cut costs.
Management had previously indicated there is more runway to further improve efficiency.
"We had been becoming increasingly more positive on the story over the past two quarters, but had not yet found the right time to be more constructive with our rating," says Piper Sandler analyst Stephen Scouten.
Stock up 0.3% at $23.05 premarket.
Four of 7 brokerages rate the stock "buy" or higher and 3 "hold"; median PT $26 - LSEG data.
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