Bank First price target raised to $93 from $88 at Piper Sandler

Piper Sandler raised the firm’s price target on Bank First to $93 from $88 and keeps a Neutral rating on the shares. The firm notes results in Q4 were noisy as management executed a number of initiatives to position BFC for stronger and cleaner earnings in 2024 and likely beyond. Underlying results were still relatively solid with core PPNR within 2% of expectations and aided by strong cost controls. Piper believes Bank First is a solid long-term holding based on its various attributes and has an attractive outlook for additional well-received acquisitions.