First Bank price target raised to $18 from $14 at Piper Sandler

Piper Sandler raised the firm’s price target on First Bank to $18 from $14 and keeps an Overweight rating on the shares following quarterly results. The firm thinks Q2 was a good result for First Bank as on a normalized basis the bank is running with an ROA around the 1.2% level. Piper likes First Bank’s patient approach amidst what’s still a difficult operating environment, and ultimately the bank could be set up to fare even better in a potential down rate scenario.