Alerus Financial price target lowered to $24 from $25.50 at Piper Sandler

Piper Sandler lowered the firm’s price target on Alerus Financial (ALRS) to $24 from $25.50 and keeps a Neutral rating on the shares. While Q3 results as well as preliminary 2026 guidance included some puts and takes, the firm continues to view Alerus as an attractive long-term holding. More specifically, Piper favors Alerus’ scarcity value underpinned by greater revenue diversity across higher multiple and growing fee revenue businesses. The firm also believes Alerus possesses likely above average organic balance sheet growth prospects given some recent production hires, ongoing Twin Cities M&A-related disruption and with Alerus’ best-in-class technology product suites.