Midland States price target raised to $27 from $24.50 at Piper Sandler

Piper Sandler analyst Nathan Race raised the firm’s price target on Midland States to $27 from $24.50 and keeps a Neutral rating on the shares. The firm says results in Q2 were disappointing as PPNR came in 11% below expectations given an elevated LLP, lighter net interest income as well as higher operating expenses with greater OREO and legal costs.