Veritex Holdings hits over 1-yr high after Raymond James double upgrades

Veritex Holdings

17/09/2024 17:16

** Shares of regional lender Veritex Holdings  VBTX.O  rise
as much as 5.1%, hitting their highest in more than a year; last
up 4.4% at $26
    ** Raymond James double-upgrades VBTX shares to "strong buy"
rating from "market perform" and assigns a $30 PT, a 20.4%
upside to stock's last close
    ** Brokerage says VBTX has spent the past year improving its
balance sheet, which is now beginning to exhibit material
progress
    ** Adds that VBTX's profitability is expected to move higher
in the coming quarters as revenue growth inflects higher and
credit trends improve 
    ** Raymond James says with the dealmaking cycle heating up,
VBTX has the option to strike a deal to scale itself or sell
itself to a larger bank looking to expand
    ** Three of six brokerages rate the stock "buy" or higher
and three "hold"; their median PT is $27 - LSEG data
    ** As of last close, VBTX shares up 7% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))