First Business Financial price target raised to $70 from $61 at Piper Sandler

Piper Sandler analyst Nathan Race raised the firm’s price target on First Business Financial (FBIZ) to $70 from $61 and keeps an Overweight rating on the shares. The firm says that apart from some credit noise that also resulted in net interest margin compression, First Business generated solid Q4 results with 6% PPNR upside on good cost controls and continued strong core deposit gathering that helped further reduce its wholesale funding reliance.