Piper Sandler upgrades Nicolet Bankshares to 'overweight' on valuation

Piper Sandler upgrades regional lender Nicolet Bankshares NIC.N to "overweight" from "neutral," on discounted valuation

Raises PT to $185 from $148, a 20.5% upside to stock's last close

Brokerage expects number of company-specific catalysts such as margin gains, robust loan and deposit growth, and cost cuts to drive further outperformance in shares

"While the next few quarters will be noisy, we believe underlying core results will demonstrate merits of the recently closed MidWestOne Financial Group acquisition and solidify NIC's scarcity value within the Upper Midwest," Piper Sandler says

All four brokerages covering the stock rate "buy"; median PT $171.50 - data compiled by LSEG

As of last close, NIC stock up 26.5% YTD