Nicolet Bankshares assumed with a Neutral at Piper Sandler

Piper Sandler analyst Brendan Nosal assumed coverage of Nicolet Bankshares with a Neutral rating and $84 price target. The firm believes Nicolet Bankshares should trade at least 2-3 turns above peers on 2025E EPS for its leading position in the Upper Midwest, proven ability to retain and win new long-term client relationships, its more conservative credit approach, and excess capital optionality that can support management’s historical successful ability to use M&A as a line of business. While Nicolet Bankshares is a solid and defensive long-term holding, Piper anticipates limited additional near-term multiple expansion and would become more constructive with a pull-back in shares’ relative valuation.