1st Source price target raised to $60 from $59 at Piper Sandler

Piper Sandler raised the firm’s price target on 1st Source to $60 from $59 and keeps an Overweight rating on the shares. Apart from some elevated idiosyncratic NCOs, 1st Source’s Q1 results were again solid with 12% PPNR upside via continued net interest margin expansion and strong cost controls, the firm says. Piper believes net interest income growth will likely continue to outpace most peers and regardless of the interest rate environment partially due to 1st Source’s more durable organic balance sheet growth prospects, which should contribute to superior operating leverage this year.