Bridgewater Bancshares price target lowered to $17 from $18 at Piper Sandler

Piper Sandler lowered the firm’s price target on Bridgewater Bancshares (BWB) to $17 from $18 and keeps an Overweight rating on the shares. The firm notes the company generated strong all-around results in Q4 that included 14% PPNR upside driven by stronger net interest income aided by greater net interest margin expansion with robust organic balance sheet growth. Piper expects Bridgewater’s profitability metrics to improve throughout this year given its mid-to-high single digit organic balance sheet growth outlook, fixed and adjustable loan repricing tailwinds, and with likely additional funding cost leverage even with a presumably less dovish Fed.