First Northwest Bancorp price target raised to $11.50 from $11 at Piper Sandler

Piper Sandler analyst Nathan Race raised the firm’s price target on First Northwest Bancorp to $11.50 from $11 and keeps a Neutral rating on the shares. The firm notes the company’s core earnings were challenged in Q2 given some unfavorable credit migrations that resulted in a higher LLP and softer core fee income partially tied to some FV write-downs. Piper is nevertheless encouraged by First Northwest Bancorp’s ongoing initiatives to drive improved profitability and its long-term prospects to grow commercial market share across the Puget Sound.