Live Oak Bancshares price target lowered to $44 from $50 at Piper Sandler

Piper Sandler lowered the firm’s price target on Live Oak Bancshares (LOB) to $44 from $50 and keeps a Neutral rating on the shares post the Q3 report. The firm attributes the stock selloff to the elevated provision, which drove the core miss. The higher provision was related to three relationships that were isolated and management called the provision increase to be a “blip” as they remain confident on the broader portfolio, the analyst tells investors in a research note.