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MidWestOne price target raised to $26 from $23 at Stephens

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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