National Bank price target lowered to $38 from $43 at Piper Sandler

Piper Sandler lowered the firm’s price target on National Bank (NBHC) to $38 from $43 and keeps a Neutral rating on the shares following quarterly results. The firm’s model updates include slower loan growth, a slightly smaller earning asset base, an improved margin outlook, higher expenses to capture additional buildout of 2Unifi, and lower provisions. Piper also incorporated a modest amount of near-term share repurchase activity.