Old National Bancorp

ONB · NASDAQ

$25.34+$0.56 (+2.26%)TodayMarket closed · Oct 20, 7:45 PM ET

Prev close $24.78

ONB analyst rating

BuyConsensus of 14 analysts over the last 12 months. 79% rate it a buy.

Strong buy0
Buy11
Hold3
Underperform0
Sell0

12-month price target · 15 analysts

Average $30.31 (+19.6% upside)

Low: $27.27
Now: $25.34
High: $33.60

Upgrades and downgrades

The latest rating actions, newest first

ONB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Oct 9, 2026	Maintains	Sector Perform	$29.00 → $28.00	30%
Raymond James	Oct 6, 2026	Upgrade	Market Perform → Outperform	$29.00	59%
TD Cowen	Oct 5, 2026	Maintains	Buy	$31.00 → $30.00	47%
JP Morgan	Oct 1, 2026	Maintains	Overweight	$32.00 → $30.00	50%
Wells Fargo	Sep 24, 2026	Initiates	Overweight	$30.00	62%
Citigroup	Sep 22, 2026	Maintains	Buy	$31.00 → $30.00	40%
Piper Sandler	Sep 17, 2026	Initiates	Overweight	$32.00	72%
JP Morgan	Sep 11, 2026	Initiates	Overweight	$32.00	50%
Truist Securities	Jul 28, 2026	Maintains	Buy	$28.00 → $29.00	59%
Citigroup	Jul 24, 2026	Maintains	Buy	$29.00 → $31.00	40%

The case for and against

Updated Oct 17, 2026

Bull case

Old National Bancorp is viewed favorably because its sticky, low-cost deposit franchise and high share of floating-rate loans support durable net interest margin expansion, with a 1.71% deposit cost in 2Q and 56% floating/variable-rate loans helping offset rate volatility. Strong organic growth, a record commercial pipeline, and expanding scale across larger MSAs underpin projected 2026E / 2027E / 2028E operating EPS of $2.61 / $2.90 / $3.20, while core fee income and prudent expense control should preserve positive operating leverage. The outlook is further strengthened by benign credit trends, with NPAs down to 0.92% of loans and substantial buybacks expected to enhance ROTCE and TBV growth above peers.

Bear case

Old National Bancorp is viewed negatively because its earnings power appears vulnerable to margin compression, with a recent NIM decline and management citing lower SOFR and sub-debt as headwinds, while fee strength looks less durable because the offset came from an elevated “other line” item. Although the $5.6 billion commercial pipeline and $50.8 billion loan book support loan growth, core deposits are expected to lag and rely on $2.3 billion of securities cash flows, leaving funding and execution risk if deposit gathering weakens. Credit, regulatory, and integration risks remain important, especially with CRE at 44% of loans and 254% of total capital, so any macro slowdown could lift losses, expenses, and pressure returns.

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.