Alerus Financial price target raised to $24 from $22.50 at Piper Sandler

Piper Sandler raised the firm’s price target on Alerus Financial to $24 from $22.50 and keeps a Neutral rating on the shares. The firm notes results in Q2 were mixed given elevated NCOs and higher NPLs, while PPNR exceeded expectations driven by stronger growth in Alerus’ higher multiple fee businesses as well as greater core net interest margin expansion.