Nicolet Bankshares price target lowered to $82.50 from $88 at Piper Sandler

Piper Sandler analyst Brendan Nosal lowered the firm’s price target on Nicolet Bankshares to $82.50 from $88 and keeps a Neutral rating on the shares. Apart from core net interest margin compression and a smaller AEA base than anticipated with lower core deposits, Nicolet’s results were again solid in Q1. Piper continues to believe Nicolet is a solid long-term holding given its defensible above average profitability profile, highly conservative credit approach, proven ability to pull share to generate attractive organic growth, and building excess capital for greater flexibility to re-engage in successful M&A.