Horizon Bancorp price target lowered to $19 from $20 at Piper Sandler

Piper Sandler lowered the firm’s price target on Horizon Bancorp (HBNC) to $19 from $20 and keeps a Neutral rating on the shares. The firm notes the company generated strong Q4 core results as net interest margin expansion exceeded expectations following the previously flagged proactive balance sheet repositioning earlier in the quarter. Piper believes Horizon Bancorp’s overall franchise value is improving and there is greater visibility on its path toward a more peer-like ROA profile via ongoing balance sheet remix into higher quality loans funded with core deposits.