Byline Bancorp price target raised to $35 from $34 at Piper Sandler

Piper Sandler analyst Nathan Race raised the firm’s price target on Byline Bancorp (BY) to $35 from $34 and keeps an Overweight rating on the shares. The firm notes the company generated strong Q3 results with 5% PPNR upside driven by stronger net interest income with net interest margin expansion and greater core fee income. Piper believes Byline is well-positioned for multiple expansion as profitability likely remains above average via its superior and more defensible net interest margin as well as with upside likely to mid-single-digit organic balance sheet growth expectations as Byline continues to win commercial market share.