Piper Sandler raised the firm’s price target on HBT Financial to $25 from $21.50 and keeps a Neutral rating on the shares. The firm remains positive on HBT following strong Q2 results and as HBT possesses several levers to help limit future net interest margin compression following a Fed pivot. Piper believes this NIM insulation, along with HBT’s various other attributes, warrants a premium forward price-to-earnings relative to peers. The firm also continues to believe HBT remains a solid defensive holding given its superior profitability profile and credit quality over various cycles, enviable deposit base, and building excess capital flexibility for additional potential M&A to enhance future earnings power.
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