MidWestOne price target lowered to $22 from $24 at Piper Sandler

Piper Sandler lowered the firm’s price target on MidWestOne to $22 from $24 and keeps a Neutral rating on the shares. While Q1 was noisy, underlying core results were solid with 11% PPNR upside vs. consensus, the firm says. Piper remains positive on the solid progress on MOFG‘s transformational strategic plan under relatively new CEO Chip Reeves, particularly given a number of significant talent additions to further expand MidWestOne’s high touch model across core Midwest markets.