Merchants Bancorp price target lowered to $55 from $58 at Raymond James

Raymond James lowered the firm’s price target on Merchants Bancorp (MBIN) to $55 from $58 and keeps an Outperform rating on the shares. Merchants Bancorp’s Q3 results were mixed as credit migration persisted and operating expenses were higher than expected, the analyst tells investors in a research note. Despite continued credit migration and a higher expense run-rate, Raymond James continues to forecast strong growth and profitability metrics, while credit quality remains solid despite softening, the firm says.