N.T. Butterfield price target lowered to $36 from $41 at Piper Sandler

Piper Sandler analyst Alexander Twerdahl lowered the firm’s price target on N.T. Butterfield to $36 from $41 and keeps an Overweight rating on the shares. The analyst modeled in the impact of the recent rate hikes, expected hikes in early 2023, and several cuts that are now expected in 2024.