BancFirst price target lowered to $80 from $87 at Piper Sandler

Piper Sandler lowered the firm’s price target on BancFirst to $80 from $87 and keeps an Underweight rating on the shares. While PPNR in Q4 was 10% below expectations largely due to elevated operating expenses, BancFirst’s results were solid otherwise and highlighted by net interest income upside with continued strong loan growth.