Nicolet Bankshares price target raised to $140 from $122.50 at Piper Sandler

Piper Sandler raised the firm’s price target on Nicolet Bankshares (NIC) to $140 from $122.50 and keeps a Neutral rating on the shares. The firm notes Nicolet’s Q2 results easily exceeded expectations largely via stronger net interest income that drove 7% PPNR upside, and overall profitability increased to even more impressive levels. Piper believes long-term shareholders will likely remain rewarded owning this high-quality institution as 1.5%-plus ROAs and mid-teens ROTCEs likely continue with additional low-to-mid-single digit organic loan and core deposit growth outlook, further net interest margin expansion, solid efficiencies and benign credit.