Midland States price target lowered to $18 from $21 at Piper Sandler

Piper Sandler lowered the firm’s price target on Midland States (MSBI) to $18 from $21 and keeps a Neutral rating on the shares following quarterly results. While elevated credit costs were again a disappointment in Q3, the firm believes management’s decision to cease equipment finance production and various other ongoing initiatives should eventually improve Midland’s franchise value.