Horizon Bancorp price target raised to $18 from $13 at Piper Sandler

Piper Sandler raised the firm’s price target on Horizon Bancorp to $18 from $13 and keeps a Neutral rating on the shares. The firm notes results in Q2 were solid with greater-than-anticipated net interest margin expansion, well-managed operating expenses at the low end of the prior Q2 guide, a rebound in fee income, and continued benign credit trends. Horizon Bancorp’s organic loan growth remained strong and reflective of management’s organic commercial focus. Piper is also encouraged that core deposits were stable sequentially with less NIB attrition.