Axos Financial price target lowered to $80 from $84 at Piper Sandler

Piper Sandler lowered the firm’s price target on Axos Financial (AX) to $80 from $84 and keeps an Overweight rating on the shares. The firm notes fundamental earnings were largely in-line, with the difference stemming from a lower tax rate than it modeled, which added 3c to EPS relative to its model. Of note, net interest income fell short of Piper’s forecast due a smaller earning asset base than it modeled, while the margin was roughly as expected.