Merchants Bancorp price target lowered to $48 from $56 at Piper Sandler

Piper Sandler lowered the firm’s price target on Merchants Bancorp (MBIN) to $48 from $56 and keeps an Overweight rating on the shares. The firm believes Merchants Bancorp’s 17% underperformance is well overdone given that it does not expect meaningful NCOs to emerge following recent problem loan increases and based on several factors.