Old Second Bancorp price target raised to $23 from $22.50 at Piper Sandler

Piper Sandler analyst Nathan Race raised the firm’s price target on Old Second Bancorp (OSBC) to $23 from $22.50 and keeps an Overweight rating on the shares after its Q3 earnings report. The firm commented that results were “solid” and highlighted by net interest margin and net interest income upside, net recoveries and lower classified loans levels. Piper expects multiple expansion due to continued credit quality improvement and its “defensible top tier profitability profile” that will likely generate further excess capital optionality.