Piper Sandler raised the firm’s price target on Midland States (MSBI) to $25.50 from $23 and keeps a Neutral rating on the shares. The firm says higher-than-expected credit costs were again disappointing in Q4. However, Piper is optimistic that NCOs/LLP will substantially step down this year following the recent majority sale of Midland’s historically higher loss content equipment finance portfolio and given various meaningful enhancements to the company’s credit culture over the past year.
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