Byline Bancorp price target raised to $34 from $27 at Piper Sandler

Piper Sandler raised the firm’s price target on Byline Bancorp to $34 from $27 and keeps an Overweight rating on the shares. The firm notes results in Q2 remained strong, with 3% PPNR upside via higher net interest income aided by solid loan growth and greater net interest margin resiliency. Piper believes Byline is well-positioned for multiple expansion above peers with likely at least stable future credit metrics and its more defensible, above average profitability profile.