Piper Sandler raised the firm’s price target on Alerus Financial (ALRS) to $24 from $21 and keeps a Neutral rating on the shares. While the hit to TBV from HMNF that closed in Q4 was greater than expected, Alerus posted solid Q4 results otherwise and capital should re-build at faster clips going forward with the company’s higher profitability outlook, the firm notes.
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