Baird analyst Garrett Holland assumed coverage of Simmons First National with a Neutral rating and $27 price target, saying the company is executing a "solid" organic growth/M&A strategy to increase scale and strengthen its competitive position as the industry evolves. However, Holland says that with the NIM likely peaking and core loan growth slightly decelerating, EPS growth will likely slow for Simmons and banks broadly in this later-cycle operating environment. With shares trading near peer valuation multiples and estimates reflecting both solid deal integration and organic growth, the analyst thinks the risk/reward looks balanced overall.