Stephens analyst Terry McEvoy raised the firm’s price target on MidWestOne to $26 from $23 and keeps an Equal Weight rating on the shares. The bank’s balance sheet is positioned for lower interest rates, so net interest income should stabilize and grow in 2024, says the analyst, who adds that MidWestOne’s PPNR miss last quarter was due to incrementally higher pressure on the net interest margin and fee income.
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Read More on MOFG:
- MidWestOne reports Q2 adjusted EPS 48c, consensus 67c
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- MOFG Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- MidWestOne Financial Group, Inc. Announces Second Quarter 2023 Earnings Conference Call
- MidWestOne management to meet with Piper Sandler
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