Stephens reinstated coverage of Midland States (MSBI) with an Equal Weight rating and $21 price target noting that the company has filed 10-Qs as well as updated presentations after having reported delays in financial reporting connected to errors in third-party loan origination programs. Management’s efforts to exit or strengthen underwriting in several lending platforms should improve Midland’s credit trends in 2026, though the firm is “less sure” about the second half of 2025, the analyst tells investors.
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