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First Merchants price target lowered to $48 from $49 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Merchants (FRME) to $48 from $49 and keeps an Overweight rating on the shares. Apart from slightly less core fee income growth, the firm believes First Merchants generated strong Q2 results and remains well-positioned to generate multiple expansion above peers.

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