Trustmark upgraded to Outperform from Market Perform at Raymond James

Raymond James analyst Michael Rose upgraded Trustmark to Outperform from Market Perform with a $34 price target. The upgrade reflects the stock’s notable underperformance year-to-date, coupled with a 2023 outlook that is likely to prove conservative, the analyst tells investors in a research note. Raymond James sees Trustmark’s outlook for a 50% cumulative deposit beta by 4Q23 as relatively conservative given a 27% cumulative beta in the last tightening cycle, and sees its outlook for both a flat NIM and low- to mid-single digit net interest income growth and Street EPS as too low.