Nicolet Bankshares

NIC · NYSE

$164.61+$2.03 (+1.25%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $162.58

NIC analyst rating

BuyConsensus of 4 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy3
Hold1
Underperform0
Sell0

12-month price target · 6 analysts

Average $194.62 (+18.2% upside)

Low: $186.85
Now: $164.61
High: $210.00

Upgrades and downgrades

The latest rating actions, newest first

NIC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Keefe, Bruyette & Woods	Jul 23, 2026	Maintains	Outperform	$175.00 → $185.00	64%
Raymond James	Jun 23, 2026	Initiates	Market Perform	—	54%
Piper Sandler	Apr 22, 2026	Maintains	Overweight	$185.00 → $183.00	72%
Piper Sandler	Feb 19, 2026	Upgrade	Neutral → Overweight	$148.00 → $185.00	72%
Maxim Group	Jan 22, 2026	Maintains	Buy	$161.00 → $173.00	49%
Keefe, Bruyette & Woods	Jan 22, 2026	Maintains	Outperform	$165.00 → $170.00	64%
Piper Sandler	Jan 21, 2026	Maintains	Neutral	$145.00 → $148.00	72%
Keefe, Bruyette & Woods	Dec 17, 2025	Maintains	Outperform	$160.00 → $165.00	64%

The case for and against

Updated Aug 11, 2026

Bull case

Nicolet Bankshares is forecasted to experience moderate growth in loans and deposits during the next few quarters, which should lead to an increase in earnings and strengthen its overall financial position. Additionally, the company's strong asset metrics and diversification in its loan portfolio are positive indicators of its ability to work with high-quality clients. The recent acquisition of MOFG is expected to drive further growth and improve the company's fee income. NIC's focus on integrating MOFG and supporting organic growth, as well as potential share buybacks, are likely to benefit shareholders and provide a higher return on equity. Overall, the company's discounted valuation compared to peers and various company-specific catalysts make it an attractive investment opportunity with a potential for significant long-term growth.

Bear case

Nicolet Bankshares is likely to face challenges in its profitability outlook due to its high efficiency ratio and slower expected earnings per share growth in the next few years. The recent acquisition of Mid America National Bank could bring some upside to their core fee income, but it may not be enough to offset the potential risks of integration and credit quality issues. Additionally, the bank may face challenges in achieving higher loan and deposit growth, and operating expenses could also weigh on their financials. Overall, the company may struggle to maintain its premium valuation and could face pressure on its stock price.

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.