First Bank price target lowered to $17 from $18 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Bank (FRBA) to $17 from $18 and keeps an Overweight rating on the shares. The firm notes First Bank reported Q3 EPS of 32c and after excluding a securities loss as well as a restructuring of its BOLI portfolio, core came in at 34c. The result came in 7c below Piper’s at 41c and compared to consensus at 40c. Shares came under pressure the day after reporting earnings, and since then have underperformed the Nasdaq Bank Index by about 5%, the firm adds.