First Interstate price target lowered to $36 from $38 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Interstate (FIBK) to $36 from $38 and keeps an Overweight rating on the shares following quarterly results. The firm also trimmed its 2024/2025 EPS to $2.29/$2.41 from $2.38/$2.55 based on a smaller balance sheet, less net interest margin expansion, and higher LLPs partly offset by lower NIE.