Piper Sandler raised the firm’s price target on HBT Financial (HBT) to $29 from $26 and keeps a Neutral rating on the shares. Apart from lower-than-anticipated loans and deposits, the firm believes this was another solid quarter with PPNR essentially in-line ex. recoveries and as profitability remained well-above peers. Piper continues to believe HBT is an attractive defensive and long-term holding given its far superior profitability outlook, building excess capital, and very conservative credit profile, among its various other attributes. However, the firm prefers greater visibility of catalysts to become more constructive.
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