Bank First National Corp. (BFC) PT Raised to $142 at Piper Sandler

Piper Sandler analyst Nathan Rice raised the price target on Bank First National Corp. (NASDAQ: BFC) to $142.00 (from $137.00) while maintaining a Neutral rating.

The analyst commented: "Top Decile ROA/ROTCE Again on Display in 3Q; BFC again generated top tier results in 3Q (1.6% ROA / 17% ROTCE) with 3% PPNR upside largely via stronger core fee income. Other highlights this quarter included greater NIM expansion with solid MSD loan growth, very well-controlled operating expenses and continued benign credit metrics. We remain positive on the strategic merits of BFC's pending monumental FNBT acquisition (see details here) that is expected to close early next year and generate at least 34% EPS accretion in 2026. We maintain our 4Q25E EPS at $1.75 and raise our 2026E to $7.65 (from $7.40) to reflect increased NII expectations with a higher NIM starting point coming out of 3Q, noting our estimates do not include FNBT. Our PT moves to $142 (+$5) based on 18.5x our 2026E and a deserved premium to peers given BFC's far superior profitability profile, scarcity value and more benign credit quality outlook."

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