Bridgewater Bancshares downgraded on reduced estimates at Piper Sandler

Piper Sandler analyst Brendan Nosal last night downgraded Bridgewater Bancshares to Neutral from Overweight with a price target of $17, down from $20.50. The downgrade reflects reduced estimates, the shift "in what has until now been a remarkably consistent narrative," and growth-oriented banking models falling out of favor in an environment of remarkable funding cost pressure, the analyst tells investors in a research note.