Axos Financial price target raised to $81 from $67 at Raymond James

Raymond James raised the firm’s price target on Axos Financial to $81 from $67 and keeps an Outperform rating on the shares following the Q4 results, which the firm calls “solid.” The bank continues to drive strong organic growth, which has been supported by core deposit growth which came in the form of higher NIB balances in Q4 due to recruiting within treasury management as well as NIB growth from fund finance, the analyst tells investors in a research note. Raymond James expects the bank to generate a mid-40% efficiency ratio, which supports a double-digit pace of PPNR growth, high-teens ROATCE, and high-teens TBV growth.