Piper Sandler raised the firm’s price target on Mercantile Bank (MBWM) to $55.50 from $55 and keeps a Neutral rating on the shares. The firm updates its estimates following the recent closing of the company’s acquisition of Eastern Michigan Financial. Piper remains on the sidelines given limited visibility of drivers for Mercantile Bank to garner more of a premium valuation.
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Read More on MBWM:
- Mercantile Bank price target raised to $54 from $52 at Raymond James
- Mercantile Bank Completes Eastern Michigan Financial Acquisition
- Mercantile Bank shareholders approve Eastern Michigan Financial merger
- Mercantile Bank Gains Approval for Merger Deal
- Mercantile Bank and Eastern Michigan Financial receive approval for merger