First Western Financial price target raised to $23 from $22 at Piper Sandler

Piper Sandler raised the firm’s price target on First Western Financial (MYFW) to $23 from $22 and keeps a Neutral rating on the shares. The firm recently had the opportunity to meet with CEO Scott Wylie, CFO David Weber, and COO Julie Courkamp to get an update on its net interest margin outlook, credit situation, and potential M&A among other items. Piper trimmed its Q2 2024/2025/2026 based on a more conservative net interest margin outlook, but raised its price target to reflect 13.0-times its 2025 EPS and below fee-heavy revenue peers based on its credit overhang that still needs to prove itself out, weaker profitability, and despite its ability to gain share in a more dynamic footprint with a relatively large wealth management platform.