Midland States price target raised to $27 from $26 at Piper Sandler

Piper Sandler raised the firm’s price target on Midland States (MSBI) to $27 from $26 and keeps a Neutral rating on the shares. The firm notes the company’s Q3 results included several positives as PPNR was 3% above expectations with higher-than-expected net interest income and core fee income. While NCOs exceeded expectations and substandard loans increased, Piper is encouraged that the pace of NPL inflows slowed, and NCOs remained concentrated in Midland’s LendingPoint and equipment finance portfolios that are both in run-off.