First Interstate Bancsystem

FIBK · NASDAQ

$35.56+$0.83 (+2.39%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $34.73

FIBK analyst rating

SellConsensus of 9 analysts over the last 12 months. 11% rate it a buy.

Strong buy0
Buy1
Hold3
Underperform3
Sell2

12-month price target · 10 analysts

Average $37.99 (+6.8% upside)

Low: $33.33
Now: $35.56
High: $43.05

Upgrades and downgrades

The latest rating actions, newest first

FIBK analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 5, 2026	Maintains	Underweight	$37.00 → $38.00	54%
StoneX	Sep 24, 2026	Initiates	Hold	—	70%
Wells Fargo	Aug 10, 2026	Maintains	Underweight	$36.00 → $34.00	62%
Barclays	Aug 3, 2026	Downgrade	Equal-Weight → Underweight	$38.00 → $37.00	54%
DA Davidson	Jul 27, 2026	Maintains	Neutral	$39.00	50%
Barclays	Jul 7, 2026	Maintains	Equal-Weight	$36.00 → $38.00	54%
DA Davidson	May 27, 2026	Downgrade	Buy → Neutral	$41.00 → $39.00	50%
UBS	May 1, 2026	Maintains	Sell	$30.00 → $33.00	65%
DA Davidson	May 1, 2026	Maintains	Buy	$39.00 → $41.00	50%
Keefe, Bruyette & Woods	May 1, 2026	Downgrade	Outperform → Market Perform	$38.00 → $37.00	61%

The case for and against

Updated Oct 21, 2026

Bull case

First Interstate BancSys is viewed favorably because new leadership has shifted the company away from an acquisition-heavy strategy that produced only 2.7% average annual organic loan growth from 2015-2024, rising NPAs and criticized assets from 2020-2024, and lagging TBV growth and ROA. Since late 2024, the company has reset credit culture, exited indirect lending, sold branches in AZ/KS and NE, and repurchased roughly 6M shares for about $200M since 3Q25, signaling stronger capital discipline and a more shareholder-friendly capital return profile. Its 1Q26 results reinforced the thesis, with EPS of $0.61 in line with estimates, NIM expansion, criticized loans down $18.6M for a third straight quarter, and NCOs improving to 6bp, even as expectations and the stock have already risen sharply.

Bear case

First Interstate BancSys is facing a mixed but ultimately cautious fundamental setup, as the CEO transition has improved the operational outlook while also raising expectations that may be difficult to meet if growth stays weak. Loans fell 12.5% LQA and deposits declined 3.7% LQA, with runoff concentrated in construction, CRE, and agriculture, while core noninterest income slipped 6.4% LQ to $41.1M, below forecast, signaling softer franchise momentum despite a strong pipeline. Lower expenses of $157.6M beat expectations, but management still expects only a return to growth in 2H26 and cites severe downside risks from economic deterioration and credit quality pressure in the Western US and Inland Northwest.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.