Alerus Financial price target raised to $24 from $22 at Raymond James

Raymond James raised the firm’s price target on Alerus Financial (ALRS) to $24 from $22 and keeps an Outperform rating on the shares. Results were solid when removing noise related to closing of the HMNF acquisition, and Raymond James was encouraged by higher loan and deposit balances at year-end, the increase in noninterest income, and improved efficiency ratio, the analyst tells investors in a research note. The firm remains bullish on Alerus shares, and believes the company is positioned for superior EPS growth and profitability improvement.