First Bank price target lowered to $18 from $20 at Piper Sandler

Piper Sandler analyst Justin Crowley lowered the firm’s price target on First Bank (FRBA) to $18 from $20 and keeps an Overweight rating on the shares. The firm notes Q1 was a difficult quarter for First Bank on multiple fronts, and shares have underperformed the group by 10%-plus since reporting results. Credit, net interest income, and expenses all fell short relative to Piper’s model, and the firm is reducing its EPS estimates meaningfully. While disappointing, Piper believes the bar has now been sufficiently reset.