Piper Sandler analyst Nathan Race raised the firm's price target on First Internet Bancorp to $24 from $23.50 and keeps a Neutral rating on the shares. The firm says this was another difficult asset quality quarter from First Internet Bancorp given continued elevated NCOs/LLP that potentially risks management's original 2026 guidance as elevated credit cost headwinds likely persist at least through Q2. Piper is optimistic for an inflection in credit costs starting in the second half of 2026 as recent underwriting enhancements take hold across a larger portion of First Internet Bancorp's loan portfolio.
