Piper Sandler lowered the firm's price target on West Bancorporation to $20.50 from $21.50 and keeps a Neutral rating on the shares. The firm notes the company produced solid Q2 results, with PPNR upside driven by higher revenue. Piper believes West Bancorporation is an attractive long-term holding due to its pristine asset quality profile, capacity for stronger organic growth, efficient operating model and scarcity value in relatively higher growth Midwest MSAs. The firm remains on the sidelines given limited visibility of catalysts to improve profitability closer to peers and expand shares' current relative valuation.
