Piper Sandler upgraded First Northwest Bancorp to Overweight from Neutral with a price target of $13.50, up from $10.50, based on recently improved visibility for credit metrics to further improve as well as with encouraging prospects for its legal overhang and related costs likely to substantially abate within the next few quarters. Based on these factors, the firm believes shares are currently overly discounted at 0.56x TBV. Piper is also confident that new President and CEO Curt Queyrouze's prior experiences navigating complex legal situations and building strong community bank franchises will steadily propel First Northwest's profitability closer to peers.
