First Interstate price target lowered to $41 from $42 at Piper Sandler

Piper Sandler lowered the firm’s price target on First Interstate (FIBK) to $41 from $42 and keeps an Overweight rating on the shares. While inflows into criticized remain an overhang, these were all legacy GWB credits and the firm is encouraged by a third party review that confirmed First Interstate’s risk ratings. Piper also believes new CEO Reuter’s focus on relationships should drive stronger organic growth, more consistent results, and multiple expansion long-term.