HBT Financial (HBT) PT Raised to $25 at Piper Sandler

Piper Sandler analyst Nathan Race raised the price target on HBT Financial (NASDAQ: HBT) to $25.00 (from $21.50) while maintaining a Neutral rating.

The analyst commented, "We remain positive on HBT following strong 2Q results and as HBT possesses several levers to help limit future NIM compression following a Fed pivot. We believe this NIM insulation, along with HBT's various other attributes, warrants a premium forward P/E relative to peers as reflected by our PT of $25 (+$3.50; implies 6% upside from today's close), which is based on 12.0x our 2025E EPS (+1.5x with higher peer multiples) and above peers at 11.3x. We also continue to believe HBT remains a solid defensive holding given its superior profitability profile and credit quality over various cycles, enviable deposit base, and building excess capital flexibility for additional potential M&A to enhance future earnings power. We maintain our 2024E of $2.25 and increase our 2025E to $2.10 (+2%) to
reflect improved operating expense expectations."

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