Heritage Commerce price target raised to $12 from $10 at Piper Sandler

Piper Sandler raised the firm’s price target on Heritage Commerce to $12 from $10 and keeps an Overweight rating on the shares. Heritage’s Q2 EPS fell short on margin and expenses, which were higher than modeled due to higher compensation costs reflecting new hires as well as higher IT costs, the analyst tells investors in a research note. The firm was “pleased” to see Heritage announce its $15M share buyback authorization.