Old National Bancorp price target raised to $24 from $22 at Barclays

Barclays raised the firm’s price target on Old National Bancorp to $24 from $22 and keeps an Overweight rating on the shares as part of a Q3 earnings preview for the mid-cap banks. Interest rate cuts will pressure net interest margin in the second half of 2024 as loan yields initially outpace the decline in funding costs, the analyst tells investors in a research note. The firm believes deposit growth will improve with the rate cuts, but says loan growth will take 2-3 quarters before inflecting.