First Business Financial assumed with an Overweight at Piper Sandler

Piper Sandler analyst Nathan J. Race assumed coverage of First Business Financial with an Overweight rating and $44 price target. The firm views First Business Financial as a high-quality commercially focused bank with a complementary wealth management unit that is underpinned by a client centric, holistic model. First Business also operates certain specialty verticals that contribute to greater revenue diversity, additional organic loan growth opportunities, and a superior through-cycle net interest margin. Piper believes First Business Financial is well-positioned for forward price to earnings multiple expansion at least in-line with peers with continued solid profitability aided by a proven match-funded B/S approach, attractive organic growth, and more benign credit quality.