1st Source price target raised to $61 from $59 at Piper Sandler

Piper Sandler raised the firm’s price target on 1st Source to $61 from $59 and keeps an Overweight rating on the shares. The firm notes 1st Source posted strong Q4 results as PPNR exceeded consensus by 3% via net interest margin expansion and continued solid growth on both balance sheet sides. These factors contributed to sequential net interest income growth, which Piper anticipates will likely outpace most peers this year and generally regardless of the interest rate environment partially via 1st Source’s likely more resilient balance sheet growth prospects.