First Merchants Stock Forecast

Stock Price Forecast

According to 6 analysts polled by S&P Global, First Merchants stock has a consensus rating of "Buy" and an average price target of $47.6. The average 1-year stock price forecast is 17.27% higher than the current stock price, while the lowest is $45 (+10.86%) and the highest is $50 (+23.18%).

Price Target: $47.6 (+17.27%)

Analyst Consensus: Buy

Target	Low	Average	Median	High
Price	$45	$47.6	$48	$50
Change	+10.86%	+17.27%	+18.26%	+23.18%

* Price targets were last updated on Apr 24, 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	Dec '25	Jan '26	Feb '26	Mar '26	Apr '26
Strong Buy	2	2	1	2	2	2
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	6	6	5	6	6	6

Latest Forecasts

Analyst	Firm	Rating	Rating	Action	Price Target	Upside	Date
Unknown Analyst Raymond James No rating	Raymond James	Hold Maintains n/a	Hold	Maintains	n/a	n/a	Apr 28, 2026
Damon Delmonte KBW	KBW	Buy Reiterates $50	Buy	Reiterates	$50	+23.18%	Apr 24, 2026
Nathan Race Piper Sandler	Piper Sandler	Buy Maintains $49	Buy	Maintains	$49	+20.72%	Apr 23, 2026
Unknown Analyst Stephens No rating	Stephens	Hold Maintains $44	Hold	Maintains	$44	+8.40%	Jan 28, 2026

Financial Forecast

Revenue This Year

809.57M

from 687.67M

17.73%

from 687.67M

Revenue Next Year

852.99M

from 809.57M

5.36%

from 809.57M

EPS This Year

4.24

from 3.89

8.91%

from 3.89

EPS Next Year

4.56

from 4.24

7.51%

from 4.24

Fiscal Year	FY 2025	FY 2026
Period Ending	Dec 31, 2025	Dec 31, 2026
Revenue	687.67M	809.57M
Revenue Growth	6.34%	17.73%
Gross Profit	22.35M	27.42M
Gross Margin	3.25%	3.39%
Operating Income	305.78M	362.46M
Net Income	224.13M	227.74M
EPS	3.89	4.24
EPS Growth	12.10%	8.91%
Forward PE	-	9.58
Dividend / Share	1.43	1.47
Dividend Growth	2.88%	2.45%
No. Analysts	-	5

EPS and Forward PE are based on non-GAAP adjusted numbers.

Revenue Forecast

Revenue	2026	2027	2028
High	812.9M
Avg	809.6M
Low	804.5M

Revenue Growth

Revenue Growth	2026	2027	2028
High	18.2%
Avg	17.7%
Low	17.0%

EPS Forecast

EPS	2026	2027	2028
High	-
Avg	4.24
Low	-

EPS Growth

EPS Growth	2026	2027	2028
High	-
Avg	8.9%
Low	-