First Bank (FRBA) PT Raised to $18 at Piper Sandler

Piper Sandler analyst Justin Crowley raised the price target on First Bank (NASDAQ: FRBA) to $18.00 (from $14.00) while maintaining a Overweight rating.

The analyst commented, "FRBA reported 2Q24 EPS of $0.44 and after excluding a tax benefit (tied to recent NJ legislation); we peg core EPS at $0.40, in-line with us and consensus. While we include in core for the quarter, we note FRBA sold $23.8M in legacy MLVF CRE loans, generating a $1.2M loss ($0.03 drag). Elsewhere, a modest provision drove $0.03 of outperformance versus our modeling while NII was a penny better on the back of less NIM compression than expected. All told, PPNR (excluding the loan sale) came in a penny better than our modeling."

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