Hanover Bancorp price target raised to $20 from $18 at Piper Sandler

Piper Sandler analyst Mark Fitzgibbon raised the firm’s price target on Hanover Bancorp to $20 from $18 and keeps an Overweight rating on the shares. The firm notes Hanover reported Q2 EPS of 11c, which it pegs as core. This missed Piper’s estimate by 34c and the Street consensus by 40c. A $4M provision for credit losses drove the sizable miss, and the firm would expect the stock to be somewhat weaker on the credit noise.