First Merchants Corporation (FRME)

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 18.32% higher than the current stock price, while the lowest is $45 (+11.86%) and the highest is $50 (+24.29%).

Price Target: $47.6 (+18.32%)

Analyst Consensus: Buy

Target	Low	Average	Median	High
Price	$45	$47.6	$48	$50
Change	+11.86%	+18.32%	+19.31%	+24.29%

* 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	+24.29%	Apr 24, 2026
Nathan Race Piper Sandler	Piper Sandler	Buy Maintains $49	Buy	Maintains	$49	+21.80%	Apr 23, 2026
Unknown Analyst Stephens No rating	Stephens	Hold Maintains $44	Hold	Maintains	$44	+9.37%	Jan 28, 2026

Financial Forecast

Revenue This Year

826.11M

Increased by 28.74%

from 641.70M

Revenue Next Year

868.23M

Increased by 5.10%

from 826.11M

EPS This Year

4.31

Increased by 11.21%

from 3.88

EPS Next Year

4.68

Increased by 8.37%

from 4.31

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	826.11M	868.23M
Revenue Growth	19.99%	17.57%	5.91%	-5.64%	5.03%	28.74%	5.10%
EPS	3.81	3.81	3.73	3.41	3.88	4.31	4.68
EPS Growth	39.05%	-	-2.10%	-8.58%	13.78%	11.21%	8.37%
Forward PE	-	-	-	-	-	9.32	8.60
No. Analysts	-	-	-	-	-	8	8

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

Revenue Forecast

Revenue	2026	2027
High	853.5M	903.8M
Avg	826.1M	868.2M
Low	788.4M	821.5M

Revenue Growth

Revenue Growth	2026	2027
High	33.0%	9.4%
Avg	28.7%	5.1%
Low	22.9%	-0.6%

EPS Forecast

EPS	2026	2027
High	4.52	4.94
Avg	4.31	4.68
Low	4.06	4.36

EPS Growth

EPS Growth	2026	2027
High	16.4%	14.4%
Avg	11.2%	8.4%
Low	4.6%	1.1%

Sources: Price targets and consensus ratings provided by S&P Global Market Intelligence. Historical ratings and analyst data provided by TipRanks. Revenue and EPS forecast data provided by Finnhub. The data is sourced from Wall Street analysts. Data sources.