$MBIN

Piper Sandler has increased its price target for Merchants Bancorp (MBIN) to $58 from $51, maintaining an Overweight rating despite a mixed quarter with elevated non-accrual loans (NCOs) and slightly lower-than-expected pre-provision net revenue (PPNR). The firm expressed increased confidence after discussions with management that fraud-related issues have been mostly addressed, anticipating a meaningful reduction in credit costs and problem loan levels later in the year. The report also notes Merchants Bancorp's recent Q1 EPS of $1.25, surpassing the consensus of $1.16.