First Busey price target lowered to $28 from $32 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Busey (BUSE) to $28 from $32 and keeps an Overweight rating on the shares. The firm’s model adjustments include an earlier completion of the CrossFirst acquisition than it previously expected, but slower organic loan growth at legacy Busey. Piper is forecasting a stronger margin, but a smaller earning asset base than in its prior model, resulting in less net interest income. The firm also reduced its provision assumptions.