First Internet Bancorp price target lowered to $38 from $42.50 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Internet Bancorp (INBK) to $38 from $42.50 and keeps a Neutral rating on the shares. While First Internet Bancorp’s credit quality profile took a step back following increased SBA-related NCOs in Q4 and expectations for a less dovish Fed this year will likely prolong the company’s path toward more peer-like profitability metrics, the firm remains constructive on its long-term prospects as execution on various ongoing initiatives further unfold. The firm remains on the sidelines given the company’s sub-optimal profitability outlook for 2025/2026 and until more consistent asset quality metrics re-emerge.