Midland States price target lowered to $23 from $28.50 at Piper Sandler

Piper Sandler lowered the firm’s price target on Midland States (MSBI) to $23 from $28.50 and keeps a Neutral rating on the shares. While difficult decisions in Q4 resulted in elevated NCOs/LLP, the firm is optimistic that this “kitchen sink” quarter should pave the way for less credit noise, enhance the quality of earnings, and improve Midland States’ franchise value going forward.