# First Merchants (FRME) — Analyst Forecast

FRME · NASDAQ · Stock

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

## Analyst consensus

| Consensus | Buy | Hold | Sell | Analysts |
| --- | --- | --- | --- | --- |
| Buy | 5 | 1 | 0 | 6 |

## Recent analyst ratings

| Date | Firm | Action | Rating | Price target |
| --- | --- | --- | --- | --- |
| Oct 6, 2026 | Raymond James | Upgraded | Market Perform → Outperform | $46.00 |
| Oct 5, 2026 | Piper Sandler | Maintained | Overweight | $46.00 |
| Jun 26, 2026 | Piper Sandler | Maintained | Overweight | $51.00 |
| Feb 4, 2026 | Piper Sandler | Maintained | Overweight | $49.00 |
| Oct 27, 2025 | Piper Sandler | Maintained | Overweight | $46.00 |
| Sep 29, 2025 | Stephens & Co. | Maintained | Equal-Weight | $46.00 |
| Sep 26, 2025 | Keefe, Bruyette & Woods | Maintained | Outperform | $50.00 |
| Sep 26, 2025 | Raymond James | Downgraded | Outperform → Market Perform | — |
| Jul 28, 2025 | Piper Sandler | Maintained | Overweight | $48.00 |
| Apr 28, 2025 | Piper Sandler | Maintained | Overweight | $49.00 |
| Apr 25, 2025 | Keefe, Bruyette & Woods | Maintained | Outperform | $49.00 |
| Apr 2, 2025 | Raymond James | Maintained | Outperform | $46.00 |
| Jan 31, 2025 | Piper Sandler | Maintained | Overweight | $55.00 |
| Jan 31, 2025 | Raymond James | Maintained | Outperform | $50.00 |
| Jan 31, 2025 | Keefe, Bruyette & Woods | Maintained | Outperform | $52.00 |
| Dec 4, 2024 | Keefe, Bruyette & Woods | Maintained | Outperform | $50.00 |
| Oct 28, 2024 | Piper Sandler | Maintained | Overweight | $47.00 |
| Aug 28, 2024 | Keefe, Bruyette & Woods | Maintained | Outperform | $45.00 |
| Jul 29, 2024 | Keefe, Bruyette & Woods | Maintained | Outperform | $45.00 |
| Jul 29, 2024 | Piper Sandler | Maintained | Overweight | $50.00 |

## Frequently Asked Questions

### Is FRME a buy, sell, or hold?

Analysts covering First Merchants currently average a Buy rating: 5 buy, 1 hold and 0 sell, from 6 analysts. Ratings reflect analyst opinion, not investment advice.

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

On Oct 6, 2026, Raymond James upgraded First Merchants to Outperform with a price target of $46.00.

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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).