Bank First price target lowered to $87 from $90 at Piper Sandler

Piper Sandler lowered the firm’s price target on Bank First to $87 from $90 and keeps a Neutral rating on the shares. Results in 1Q were mixed, in the firm’s view, given a 12% PPNR shortfall primarily from less-than-anticipated net interest margin expansion with a greater rise in deposit costs. Encouragingly, bottom line EPS exceeded expectations owing to a tax benefit and meaningful buybacks. Piper is confident in Bank First’s expanding net interest margin outlook aided by attractive organic growth in both loans and deposits, continued benign credit quality and cost discipline that should result in profitability remaining well-above peers.