UPDATE: D.A. Davidson Reiterates On Prosperity Bancshares Following OPEC Decision

Courtesy of Benzinga.

In a report published Monday, D.A. Davidson analyst Gary P. Tenner reiterated a Neutral rating on Prosperity Bancshares (NYSE: PB), but lowered the price target from $66.00 to $64.00.

In the report, D.A. Davidson noted, “Thanksgiving Day’s OPEC decision to keep production targets unchanged at 30 million barrels/day resulted in a further decline in per barrel oil prices to $68.83 versus the 2014 high of $107.95, the lowest crude prices reported in over four years. While lower gas prices are a boon to the consumer, we think there is some risk to the growth rates of economies that are particularly energy-centric, particularly Oklahoma and Texas. The U.S. Energy Information Administration reports that energy production and mining accounted for approximately 13% of Oklahoma’s 2013 GDP and 11% of Texas’. Wyoming (35%), Alaska (25%), West Virginia (17%) and North Dakota (14%) were the other four states where energy production and mining exceeded 10% of 2013 GDP.”

Prosperity Bancshares closed on Friday at $56.18.

Posted-In: D.A. Davidson Gary P. TennerAnalyst Color Price Target Analyst Ratings