Bank First price target raised to $104 from $99 at Piper Sandler

Piper Sandler raised the firm’s price target on Bank First to $104 from $99 and keeps a Neutral rating on the shares. The firm notes Bank First again generated strong Q3 results that included 4% PPNR upside with greater core net interest margin expansion, consistent MSD loan growth, and stable credit quality. Piper expects Bank First to continue to deliver above average profitability with further core net interest margin expansion that should contribute to additional positive operating leverage.