MidWestOne price target lowered to $31.50 from $33 at Piper Sandler

Piper Sandler lowered the firm’s price target on MidWestOne (MOFG) to $31.50 from $33 and keeps a Neutral rating on the shares. The firm notes that apart from some mixed credit quality metrics, MidWestOne’s Q3 results were solid given 16% PPNR upside via greater net interest margin expansion, stronger core fee income, and well-managed operating expenses. While MidWestOne’s outlook for meaningful profitability remains intact following its recently completed common equity raise and related balance sheet re-positioning, Piper believes this is largely reflected in shares’ current valuation.