Piper Sandler lowered the firm’s price target on Southern Missouri Bancorp (SMBC) to $60.50 from $66 and keeps a Neutral rating on the shares. The firm notes the company posted solid Q1 results with 6% PPNR upside driven by higher net interest income via both greater net interest margin expansion and loan growth as well as very good cost controls. Although asset quality metrics were unfavorable given increased NPAs and elevated NCOs, Piper believes asset quality should revert to Southern Missouri Bancorp’s strong historical levels.
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