Northeast Bank price target raised to $133 from $112 at Piper Sandler

Piper Sandler raised the firm’s price target on Northeast Bank (NBN) to $133 from $112 and keeps an Overweight rating on the shares. The firm notes Northeast Bank announced that it had purchased about $525M in commercial real estate loans. These purchases are expected to close by quarter-end and will not have much impact on Q4 earnings. However, this represents a meaningful purchase for the company by increasing loan balances by about 13%.