Business First Bancshares

BFST · NASDAQ

$31.57+$0.51 (+1.64%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $31.06

BFST analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $34.68 (+9.9% upside)

Low: $32.83
Now: $31.57
High: $37.80

Upgrades and downgrades

The latest rating actions, newest first

BFST analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
DA Davidson	Jul 24, 2026	Maintains	Buy	$33.00 → $35.00	78%
Stephens & Co.	Jul 24, 2026	Maintains	Overweight	$34.00 → $36.00	63%
DA Davidson	Apr 28, 2026	Maintains	Buy	$33.00	78%
DA Davidson	Jan 26, 2026	Maintains	Buy	$32.00 → $33.00	78%
Stephens & Co.	Jan 23, 2026	Maintains	Overweight	$34.00 → $35.00	63%
Raymond James	Jan 7, 2026	Maintains	Outperform	$30.00 → $31.00	61%
DA Davidson	Nov 25, 2025	Initiates	Buy	$32.00	78%

The case for and against

Updated Oct 18, 2026

Bull case

Business First Bancshares is well positioned by resilient core earnings power, with 2Q NII of $77.8 million and core NIM expanding 8 bp to 3.68% as loan yields rose and deposit costs fell, signaling favorable balance-sheet repricing. Credit quality is also improving, as NPAs declined from $121.7 million to $105.2 million and management expects further resolutions and a lower NPL run rate by year-end, while the allowance remained solid at 1.02%. Even with softer fee income and higher expenses, the company’s Organic growth, share repurchases below 1.2x TBV, and capital ratios rising to a 10.4% CET1 support a constructive fundamental outlook.

Bear case

Business First Bancshares is facing weakening core profitability as 2Q26 core EPS of $0.71 missed estimates on lower fee income and higher non-interest expense, while core PPNR/share slipped to $1.00 from $1.03 in the prior quarter. NII was pressured by $1.2 million of non-accrual interest reversals and lower PAA benefits, with NIM excluding PAA down 4 bps to 3.60% and loan yields excluding PAA down 25 bps to 6.54%, signaling margin compression. Although credit metrics improved as NPLs fell 27 bps to 126 bps and NPAs dropped 15 bps to 123 bps, core EOP loans excluding Progressive declined $103 million and management still sees mid-single digit organic growth amid pricing and M&A execution risks.

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