Alerus Financial price target lowered to $23 from $24 at Piper Sandler
The Fly

Alerus Financial price target lowered to $23 from $24 at Piper Sandler

Piper Sandler lowered the firm’s price target on Alerus Financial (ALRS) to $23 from $24 and keeps a Neutral rating on the shares. The firm says this was a difficult quarter for Alerus as PPNR fell short of expectations due to unexpected net interest margin compression, higher operating expenses and additional negative credit migration. While Piper remains positive on Alerus’ long-term prospects with its Twin Cities scarcity value and higher multiple fee revenue mix, it also remains on the sidelines given sizable expected PAA impacts with HMNF that will eventually need to be replaced and recent credit noise.

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