BCB Bancorp price target raised to $9.50 from $9 at Piper Sandler

Piper Sandler analyst Justin Crowley raised the firm’s price target on BCB Bancorp (BCBP) to $9.50 from $9 and keeps a Neutral rating on the shares. The firm notes shares of BCB have been trading at a meaningful discount to TBVPS for a period of time, and largely due to concerns around credit. After a large specific reserve drove a steep Q1 net loss, NCOs remained fairly elevated in Q2. While NPLs and classified loans continued to drift higher, the increases here were much less severe than experienced over the last several quarters, Piper adds. After catching up with management, the firm’s sense is that there will be some lingering credit noise through the second half of 2025 as the bank completes a wide ranging portfolio review under a revamped risk rating framework.