Blue Foundry Bancorp price target raised to $11 from $10 at Piper Sandler

Piper Sandler analyst Justin Crowley raised the firm’s price target on Blue Foundry Bancorp to $11 from $10 and keeps a Neutral rating on the shares. The firm notes Blue Foundry Bancorp reported a Q4 loss of (13c) per share, which compared to its (14c) loss expected and consensus at (15c). 2023 presented a challenging environment for the bank and while Piper thinks profitability will still be a ways out, the prospect of slowing funding pressures and Fed rate cuts should help Blue Foundry Bancorp begin moving in the right direction come the second half of 2024.