Piper Sandler analyst Nathan Race lowered the firm’s price target on MidWestOne (MOFG) to $31 from $33 and keeps a Neutral rating on the shares. The firm notes results in Q2 were mixed as a single office CRE loan drove a material increase in NPAs/LLP that resulted in a substantial EPS shortfall. This credit is expected to be largely charged off in Q3, and Piper believes this loss will likely prove to be an idiosyncratic event.
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