First Business Financial initiated with an Overweight at Piper Sandler

Piper Sandler analyst Brendan Nosal initiated coverage of First Business Financial with an Overweight rating and $37 price target. The company is a pure-play commercial lender with a branch-light model and a market focus that includes Wisconsin and Kansas City, the analyst tells investors in a research note. The firm believes First Business’s wholesale match fund strategy will drive more stable net interest margin versus the vast majority of the bank space.