Nicolet Bankshares price target raised to $120 from $119 at Piper Sandler

Piper Sandler raised the firm’s price target on Nicolet Bankshares (NIC) to $120 from $119 and keeps a Neutral rating on the shares. The firm notes the company generated strong Q4 results given 10% PPNR upside driven by stronger net interest income with mid-to-high single digit annualized loan and core deposit growth as well as solid operating leverage. Piper believes Nicolet remains an attractive long-term holding with its superior profitability profile and proven ability to generate attractive organic growth largely via share gains and the company’s more holistic model.