Piper Sandler lowered the firm’s price target on Arrow Financial (AROW) to $28 from $30 and keeps a Neutral rating on the shares. Excluding both a $300k gain on securities and $600k nonrecurring costs associated with unifying the bank’s subsidiaries, the firm pegs core EPS at 39c, a penny above reported. Arrow missed Piper’s expectations in the quarter by modest misses on both expense and fees.
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