Atlantic Union Bankshares price target lowered to $41 from $45 at Raymond James

Raymond James lowered the firm’s price target on Atlantic Union Bankshares to $41 from $45 and keeps an Outperform rating on the shares. The firm adjusted Eastern bank estimates to reflect updated Federal funds rate expectations and mid-quarter updates provided by a number of banks. It now models 2024 total rate cuts of 100 basis points, with 25 points in November and December, in addition to the 50 point cut in September. For 2025, Raymond James model 100 points of additional rate cuts, with a 25 point cut in March, June, September, and December 2025.