First Busey price target lowered to $26 from $30 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Busey (BUSE) to $26 from $30 and keeps an Overweight rating on the shares. Apart from shrinkage in both loans and core deposits, First Busev posted solid Q3 results as PPNR was within 1% of expectations and aided by greater net interest margin expansion, the firm says. Piper remains bullish with First Busev well-positioned for multiple expansion closer to peers via a likely rebound to low-to-mid-single digit loan and core deposit growth as well as with strong core fee income increases.