Meridian Bank price target lowered to $16 from $17 at Piper Sandler

Piper Sandler lowered the firm’s price target on Meridian Bank (MRBK) to $16 from $17 and keeps a Neutral rating on the shares. The firm notes the company reported Q1 EPS of 21c, which it also pegs as core. Overall, it was a mixed quarter with continued credit deterioration and weaker mortgage revenues partially offset by the better-than-expected net interest margin, Piper says.