First Merchants Corporation (FRME)

First Merchants Stock Forecast

Stock Price Forecast

The 3 analysts that cover First Merchants stock have a consensus rating of "Buy" and an average price target of $48.33, which forecasts a 25.37% increase in the stock price over the next year. The lowest target is $46 and the highest is $50.

Price Target: $48.33 (+25.37%)

Analyst Consensus: Buy

Target	Low	Average	Median	High
Price	$46	$48.33	$49	$50
Change	+19.33%	+25.37%	+27.11%	+29.70%

* Price targets were last updated on Feb 4, 2026.

Analyst Ratings

The average analyst rating for First Merchants stock is "Buy". This means that analysts believe this stock is likely to outperform the market over the next twelve months.

Recommendation Trends

Rating	Oct '25	Nov '25	Dec '25	Jan '26	Feb '26	Mar '26
Strong Buy	0	0	0	0	0	0
Buy	2	2	2	2	2	2
Hold	2	2	2	2	2	2
Sell	0	0	0	0	0	0
Strong Sell	0	0	0	0	0	0
Total	4	4	4	4	4	4

Latest Forecasts

Analyst	Firm	Rating	Rating	Action	Price Target	Upside	Date
Nathan Race Piper Sandler	Piper Sandler	Buy Maintains $46 → $49	Buy	Maintains	$46 → $49	+27.11%	Feb 4, 2026
Nathan Race Piper Sandler	Piper Sandler	Buy Maintains $48 → $46	Buy	Maintains	$48 → $46	+19.33%	Oct 27, 2025
Terry McEvoy Stephens & Co.	Stephens & Co.	Hold Reiterates $46	Hold	Reiterates	$46	+19.33%	Sep 29, 2025
Daniel Tamayo Raymond James	Raymond James	Buy → Hold Downgrades n/a	Buy → Hold	Downgrades	n/a	n/a	Sep 26, 2025
Damon Delmonte Keefe, Bruyette & Woods	Keefe, Bruyette & Woods	Buy Maintains $49 → $50	Buy	Maintains	$49 → $50	+29.70%	Sep 26, 2025

More Analyst Ratings

Financial Forecast

Revenue This Year

819.92M

Increased by 27.77%

from 641.70M

Revenue Next Year

868.09M

Increased by 5.87%

from 819.92M

EPS This Year

4.19

Increased by 7.93%

from 3.88

EPS Next Year

4.63

Increased by 10.64%

from 4.19

Fiscal Year	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026	FY 2027
Period Ending	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024	Dec 31, 2025	Dec 31, 2026	Dec 31, 2027
Revenue	520.00M	611.39M	647.50M	610.99M	641.70M	819.92M	868.09M
Revenue Growth	19.99%	17.57%	5.91%	-5.64%	5.03%	27.77%	5.87%
EPS	3.81	3.81	3.73	3.41	3.88	4.19	4.63
EPS Growth	39.05%	-	-2.10%	-8.58%	13.78%	7.93%	10.64%
Forward PE	-	-	-	-	-	9.21	8.32
No. Analysts	-	-	-	-	-	8	8

Historical EPS numbers are GAAP, while forecasted numbers may be non-GAAP.

Revenue Forecast

Revenue	2026	2027
High	851.9M	918.8M
Avg	819.9M	868.1M
Low	777.4M	819.7M

Revenue Growth

Revenue Growth	2026	2027
High	32.8%	12.1%
Avg	27.8%	5.9%
Low	21.2%	-0.0%

EPS Forecast

EPS	2026	2027
High	4.41	4.99
Avg	4.19	4.63
Low	3.87	4.36

EPS Growth

EPS Growth	2026	2027
High	13.7%	19.1%
Avg	7.9%	10.6%
Low	-0.2%	4.1%

Sources: Price targets and analyst ratings provided by Benzinga. Revenue and EPS forecast data provided by Finnhub. The data is sourced from Wall Street analysts. Data disclaimer.