Piper Sandler lowered the firm’s price target on Farmers National Banc (FMNB) to $14 from $16 and keeps a Neutral rating on the shares. While Q4 was a disappointing quarter given higher NCOs and a PPNR shortfall, the firm expects credit costs will revert lower in Q1 and remains optimistic on Farmers’ prospects for profitability improvement towards peer levels as it prepares to close on its acquisition of Middlefield Banc (MBCN).
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