Merchants Bancorp price target raised to $56.50 from $52.50 at Piper Sandler

Piper Sandler raised the firm’s price target on Merchants Bancorp (MBIN) to $56.50 from $52.50 and keeps an Overweight rating on the shares following strong Q4 results as NCOs remained low and given net interest margin stability that contributed to solid net interest income upside. The firm expects Merchants Bancorp to continue to generate well-above average profitability and TBV growth regardless of the rate environment given its well-matched and shorter duration balance sheet that should provide continued net interest margin stability.