Peoples Bancorp price target lowered to $40 from $42 at DA Davidson

DA Davidson analyst Manuel Navas lowered the firm’s price target on Peoples Bancorp (PEBO) to $40 from $42 but keeps a Buy rating on the shares. The company’s pre-provision net revenue beat on better net interest income and fees, offsetting higher operating expense, while its results profiled solid loan growth and better than expected net interest magin, the analyst tells investors in a research note. Peoples’ elevated leasing net charge-offs appear under control and should decline from here, the firm added.