Piper Sandler analyst Stephen Scouten raised the firm’s price target on Renasant (RNST) to $44 from $41 and keeps an Overweight rating on the shares. The firm notes the First Bancshares (FBMS) merger is on track to close in the first half of 2025, and assumes the conversion is still slated for August. The merger will drive scale/efficiency benefits, while net interest margin upside on lower deposit costs and better loan growth bring upside to Piper’s previous estimates, the firm adds.
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