First Internet Bancorp price target lowered to $34 from $35 at Piper Sandler

Piper Sandler analyst Nathan Race lowered the firm’s price target on First Internet Bancorp to $34 from $35 and keeps a Neutral rating on the shares. The firm notes First Internet Bancorp posted solid Q1 results and its net interest margin should continue to expand this year regardless if Fed rate cuts occur in the second half of 2024. While shares discounted P/TBV valuation is attractive for long-term investors and particularly given management’s various ongoing profitability improvement initiatives, Piper remains on the sidelines as it believes catalysts for a more peer-like valuation are constrained in the current rate environment.