BankUnited (BKU) PT Raised to $37 at RBC Capital

RBC Capital analyst Steven Duong raised the price target on BankUnited (NYSE: BKU) to $37.00 (from $31.00) while maintaining a Sector Perform rating.

The analyst comments "We are recapping 2Q results. Beyond mixed credit trends driven by a couple of CRE credits, core fundamentals were strong, led by better-than-expected balance sheet growth and margin expansion. Management fine-tuned its guidance and continues to expect the favorable trends to continue into 2H24. We see the continued strength in loan and deposit pipelines and further margin expansion as the key drivers. Investor focus remains on office CRE, though management remains comfortable with the portfolio. Adjusting estimates and price target."

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