Piper Sandler raised the firm’s price target on Bank First (BFC) to $137 from $115 and keeps a Neutral rating on the shares. On Friday morning and in conjunction with releasing Q2 results, Bank First announced the $174M acquisition of Beloit, which is the holding company for First National Bank and Trust Company with $1.5B in assets. Piper believes this deal represents a very compelling and complementary combination to leverage Bank First’s existing infrastructure to drive substantial EPS growth above management’s likely conservative guidance.
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