# Farmers & Merchants (FMAO) — Analyst Forecast

FMAO · NASDAQ · Stock

Canonical page: https://www.lighthorse.io/tickers/fmao/forecast

## Recent analyst ratings

| Date | Firm | Action | Rating | Price target |
| --- | --- | --- | --- | --- |
| Jul 29, 2026 | Piper Sandler | Maintained | Neutral | $36.00 |
| Jun 25, 2026 | Piper Sandler | Maintained | Neutral | $32.00 |
| Apr 27, 2026 | Piper Sandler | Maintained | Neutral | $28.50 |
| Apr 2, 2026 | Piper Sandler | Maintained | Neutral | $28.00 |
| Aug 5, 2024 | Piper Sandler | Maintained | Neutral | $26.00 |
| Jun 12, 2024 | Piper Sandler | Initiated Coverage | Neutral | $24.00 |
| Apr 5, 2024 | Hovde Group | Initiated Coverage | Market Perform | — |
| Aug 1, 2023 | Stephens & Co. | Maintained | Equal-Weight | $24.00 |
| Jul 28, 2023 | Piper Sandler | Downgraded | Neutral → Underweight | $23.50 |
| Feb 9, 2023 | Stephens & Co. | Maintained | Equal-Weight | $29.00 |

## Frequently Asked Questions

### What is the latest analyst rating on FMAO?

On Jul 29, 2026, Piper Sandler maintained Farmers & Merchants at Neutral with a price target of $36.00.

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Analyst ratings and price targets are the opinions of third-party research firms, not of Light Horse Securities. They are estimates about an uncertain future, are frequently wrong, and are neither a recommendation nor a prediction of actual results.

This page is for informational purposes only. Nothing on it is a recommendation, solicitation or offer to buy or sell any security, nor investment, legal or tax advice. Light Horse Securities Inc does not verify third-party data and is not responsible for its accuracy, completeness or timeliness.

Data provided by [AInvest](https://www.ainvest.com).