Merchants Bancorp price target raised to $42 from $41 at Piper Sandler

Piper Sandler raised the firm’s price target on Merchants Bancorp (MBIN) to $42 from $41 and keeps an Overweight rating on the shares. The firm notes the company’s Q3 results were mixed given relatively elevated NCOs and as both NPAs and substandard loans again increased. Encouragingly, Piper has greater conviction that Merchants has largely ring-fenced or exited fraud-related credits coming out of Q3 and asset quality metrics should begin to inflect favorably in early 2026.