Investar Holding price target raised to $20 from $13.50 at Piper Sandler

Piper Sandler raised the firm’s price target on Investar Holding to $20 from $13.50 and keeps an Overweight rating on the shares given more clarity about the direction of rates in 2024. Notably, the firm assumes no change in AOCL, but lower rates could be a meaningful tailwind to future TBVPS – similar to what occurred in Q4 2023. The shares have nearly doubled since the low point in November, but it is likely the early innings of the environment shifting in Investar’s favor while management’s current strategy should provide a much better foundation for the future, Piper argues.