MidWest One Financial (MOFG) PT Lowered to $31.50 at Piper Sandler

Piper Sandler analyst Nathan Race lowered the price target on MidWest One Financial (NASDAQ: MOFG) to $31.50 (from $33.00) while maintaining a Neutral rating.

The analyst commented, "Apart from some mixed credit quality metrics, MOFG's 3Q results were solid given 16% PPNR upside via greater NIM expansion, stronger core fee income, and well-managed operating expenses. While MOFG's outlook for meaningful profitability remains intact following its recently completed common equity raise and related B/S re-positioning, we believe this is largely reflected in shares' current valuation. We remain constructive on MOFG's L-T prospects, particularly as mgmt. continues to execute well on MOFG's strategic objectives. We reduce our 4Q24E / 2025E EPS to $0.72 / $3.15 (from $0.76 / $3.28) due to a smaller B/S starting point for 4Q and slightly higher operating expense expectations. We also introduce a 2026 EPS estimate of $3.40. Our PT moves to $31.50 (-$1.50) based on 10.0x our 2025E EPS (unchanged) that is still consistent with a moderate discount to peers (10.9x) given MOFG’s still slightly below average profitability outlook."

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