First Merchants price target lowered to $46 from $48 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Merchants (FRME) to $46 from $48 and keeps an Overweight rating on the shares. Following solid Q3 results with in-line PPNR and improved credit metrics, the firm believes First Merchants remains well-positioned to generate price-to-earnings expansion above peers.