Eagle Bancorp price target lowered to $18 from $21 at Piper Sandler

Piper Sandler lowered the firm’s price target on Eagle Bancorp (EGBN) to $18 from $21 and keeps a Neutral rating on the shares. The firm notes asset quality noise was the focal point in Q2 with the period, including a combination of heightened write-downs and a very substantial allowance build, which drove an outsized $70M net loss in the period. Given the high degree of credit uncertainty, Piper remains on the sidelines.