Piper Sandler has increased its price target for Bridgewater Bancshares (BWB, Financial) to $18, up from the previous target of $17, while maintaining an Overweight rating. The decision follows the bank's robust performance in the first quarter.
Bridgewater Bancshares delivered impressive financial outcomes, with a notable 12% increase in pre-provision net revenue (PPNR). This rise was primarily driven by stronger-than-expected net interest income and an enlarged net interest margin. The bank showed significant growth on both sides of its balance sheet, further solidifying its financial position.
As Bridgewater Bancshares continues to demonstrate robust growth and financial health, the increase in the price target reflects Piper Sandler's confidence in the bank's future prospects and operational strength.
