Brokerage raises FRME target by $2 citing solid earnings growth and $2.4 billion asset boost from Q1 acquisition.
Piper Sandler increased its price target for First Merchants Corporation (NASDAQ:FRME) to $51 from $49, maintaining an Overweight rating. The adjustment reflects strong momentum in adjusted earnings and net interest margin expansion ahead of Q2 results.
First Merchants reported solid commercial loan growth and robust capital, liquidity, and credit quality. The bank completed a Q1 acquisition of First Savings, adding $2.4 billion in assets and expanding its footprint across Indiana, Michigan, and Ohio.
The Street projects over 16% upside for FRME shares, with analysts maintaining a Buy rating on the stock.