Bank7 price target lowered to $27 from $32 at Piper Sandler

Piper Sandler lowered the firm’s price target on Bank7 to $27 from $32 and keeps an Overweight rating on the shares. While the emergence of what will likely prove to be an idiosyncratic, large NCO for Bank7 is “disappointing,” the firm remains Overweight given an intact top declie profitability outlook and with credit quality expected to be less of a concern for Bank7 post second half of 2023. Piper also favors Bank7’s positioning in likely more recessionary insulated Oklahoma and Texas markets, which coupled with its proven ability to pull market share, should drive measured and high quality growth on both balance sheet sides.