Horizon Bancorp price target raised to $18 from $17 at Piper Sandler

Piper Sandler raised the firm’s price target on Horizon Bancorp (HBNC) to $18 from $17 and keeps a Neutral rating on the shares. The firm notes the company generated solid Q2 results with 5% PPNR upside with continued strong commercially driven loan growth, greater core net interest margin expansion as well as good cost controls. Piper believes management’s efforts to internally enhance profitability are showing clear results and pieces are in place to generate stronger future returns.