Piper Sandler lowered the firm’s price target on Enterprise Financial (EFSC) to $62 from $64 and keeps a Neutral rating on the shares. The firm notes results in Q3 were mixed given some additional credit noise as well as softer core fee income and higher operating expenses that resulted in a 3% PPNR shortfall. Piper is nevertheless encouraged by Enterprise Financial’s prospects to keep its net interest martin largely stable following additional Fed rate cuts and reduce NPAs going forward.
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