Bank First price target raised to $99 from $84 at Piper Sandler

Piper Sandler raised the firm’s price target on Bank First to $99 from $84 and keeps a Neutral rating on the shares. Apart from an net interest income shortfall partially tied to some seasonally unfavorable funding mix shift changes, Bank First generated solid Q2 results highlighted by stronger core fee income, well-controlled operating expenses, and higher yielding MSD loan growth with full client relationships, the firm says. Looking ahead, Piper believes Bank First is likely to continue to generate top quartile profitability, build capital at superior clips to help support additional well-received M&A, and keep NCOs at levels well-below peers.