BFC - Republic Bancorp raised to Overweight Bank First cut to Neutral at Piper Sandler

• In the run-up to fourth-quarter bank earnings, Piper Sandler analyst Brendan Nosal on Thursday upgraded shares of Republic Bancorp ( NASDAQ: RBCAA ), +0.9% , to Overweight from Neutral and downgraded Bank First ( NASDAQ: BFC ), -0.4% , to Neutral from Overweight.
• Nosal argued that RBCAA's 13% slump in the last six months is "unwarranted," he wrote in a note, given the lender's improved outlook within the tax refund solutions segment as well as improved performance and outlook within Traditional Bank.
• For BFC, the stock has significantly outperformed the Nasdaq KBW Nasdaq bank Index ( BKX ) over the past year, climbing 19.1% versus BKX's more than 27% drop. That said, BFC has reestablished a stronger multiple, with shares now changing hands at 12.5x Nosal's 2024 EPS estimate, according to the note.
• The stock's recent strength, in turn, is limiting further upside for the near-term, the analyst contended.
• Take a look at Seeking Alpha's screener of the best-rated regional bank stocks ahead of Q4 earnings .

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