Stephens analyst Terry McEvoy raised the price target on Nicolet Bankshares (NYSE: NIC) to $112.00 (from $105.00) while maintaining a Equal Weight rating.

The analyst comments "Our last report on Nicolet indicated that the positive momentum witnessed in 2Q24 at Nicolet would continue into 3Q24. Op. EPS and PPNR beat consensus by ~9% last quarter. The company has demonstrated its ability to gain market share as larger banks focus elsewhere. We expect the NIM to benefit from $750 mil. of fixed-rate loan repricing over the next year. Wealth management is an emerging area of strength for Nicolet, with fees up 16% YTD. Credit trends were solid again in 3Q23 (NCOs only 2bps). After closing acquisitions each year from 2019-2022, Nicolet remains in a favorable position once the M&A window opens in the Upper Midwest. The company has gone five straight quarters without repurchasing stock, allowing capital to build. NIC trades above peers at 2x TBV and 12.1x our updated 2025 estimate opening the door for the next deal. Maintain EW rating with $112 PT (from $105)."