Bank7 price target raised to $37 from $32 at Piper Sandler

Piper Sandler raised the firm’s price target on Bank7 to $37 from $32 and keeps an Overweight rating on the shares following upside in Q4 core results. While the degree of the elevated NCO in Q4 slightly exceeded expectations, the firm applauds management’s proactive decision to acquire some related underlying, cash flow positive assets to help recoup a portion of this NCO over time. Piper believes Bank7 is well-positioned to garner at least a peer-like forward price-to-earnings with likely less future credit noise, continued top decile profitability, and its proven ability to pull market share in generating high-quality growth in loans and deposits.