Old Second Bancorp price target raised to $24.50 from $22 at Piper Sandler

Piper Sandler raised the firm’s price target on Old Second Bancorp (OSBC) to $24.50 from $22 and keeps an Overweight rating on the shares following the recent closing of its Bancorp Financial acquisition. The firm believes this acquisition enhances Old Second Bancorp’s growth prospects via EBG’s powersport lending niche, while also reducing the company’s asset sensitivity in supporting a more durable and well-above average through-the-cycle net interest margin. Piper also expects credit metrics to improve going forward following the recent resolution of its largest OREO properties and with specific reserves at its lowest level in 3.5 years.