Nicolet Bankshares price target lowered to $118 from $120 at Piper Sandler

Piper Sandler analyst Nathan Race lowered the firm’s price target on Nicolet Bankshares (NIC) to $118 from $120 and keeps a Neutral rating on the shares. The firm notes the company again delivered very solid results in Q1, with 5% PPNR upside driven by stronger net interest income aided by HSD loan growth and well-controlled operating expenses. Piper is more constructive on Nicolet following shares’ recent pullback and believes long-term shareholders will continue to be rewarded owning this top tier institution.