First Internet Bancorp price target lowered to $26 from $27 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Internet Bancorp (INBK) to $26 from $27 and keeps a Neutral rating on the shares. The firm continues to believe the company remains a credit quality “show me” story following a third consecutive quarter of elevated NCOs tied to SBA and franchise finance loans. Piper remains on the sidelines until more consistent asset quality metrics re-emerge and given First Internet’s sub-optimal profitability outlook.