ServisFirst price target raised to $64 from $55 at Piper Sandler

Piper Sandler raised the firm’s price target on ServisFirst to $64 from $55 and keeps a Neutral rating on the shares. The firm notes Q4 earnings were relatively noisy with the core expense base moving up 15% quarter-over-quarter, but this includes a $3.3M writedown of a tax credit investment that will not recur – leaving run-rate expenses closer to $44.5M. While the expense noise may cause some weakness in the shares, Piper believes improving NII trends could provide a backstop.