SmartFinancial upgraded to Overweight on NIM inflection at Piper Sandler

Piper Sandler analyst Stephen Scouten last night upgraded SmartFinancial to Overweight from Neutral with a price target of $26, up from $25. While lowering estimates post the Q1 report, the firm feels “incrementally better about the name,” saying the company’s net interest margin appears to be inflecting higher, growth remains solid, and the deposit mix is performing better than expected. The company’s forward revenue guide provides potential upside to estimates and at 96% of tangible book value per share, Piper’s likes the stock here, the analyst tells investors in a research note.