DA Davidson analyst Jeff Rulis initiated Equity Bancshares with a Buy rating and a price target of $46, saying the company "operates a highly acquisitive bank posting unmatched spread income growth and better-than-peer core efficiency with a pristine loan loss history." The analyst notes that Equity Bancshares enjoys a "competitive advantage in securing, integrating, and seamlessly closing on M&A opportunities" which the analyst believes appear to be "boundless". Rulis expects the bank to soon cross $4B in assets, which he states marks "a prime threshold where community banks transition to dynamic, regional companies with the scale and products to deliver premium performance and premium returns."