Bank First price target raised to $150 from $142 at Piper Sandler

Piper Sandler raised the firm’s price target on Bank First (BFC) to $150 from $142 and keeps a Neutral rating on the shares. The firm continues to view Bank First as an attractive long-term holding following another impressive quarter that included 6% PPNR upside largely driven by stronger net interest income with greater net interest margin expansion, solid balance sheet growth and continued well-controlled operating expenses. Piper would become more constructive on this top tier institution with a pull-back in Bank First’s current deserved premium valuation.