First Interstate price target raised to $31 from $30 at Barclays

Barclays raised the firm’s price target on First Interstate (FIBK) to $31 from $30 and keeps an Underweight rating on the shares. The firm says differences in fixed rate asset repricing dynamics are expected to drive net interest margin “winners and losers in what’s becoming a stock-picker’s market” into 2025 for the mid-cap banks. Barclays updated its price targets and estimates for the yield curve and its broader outlook. It is ahead of the Street on 2025 and 2026 earnings estimates and thinks that there’s a “longer and more impactful runway to fixed rate loan repricing than some may think.”