FMAO trades 4.1% below Wall Street's consensus target of $36.00.
Last 12 months price action with 12-month analyst target path
The base valuation assumes FMAO achieves its forward estimates and maintains a stable P/E multiple of 10.9x. This scenario reflects the blended consensus of 2 Wall Street analysts, balancing both positive catalysts and macroeconomic headwinds over the next 12 months.
As of September 24, 2026, Farmers & Merchants Bancorp, Inc. (FMAO) has a Wall Street consensus price target of $36.00, based on estimates from 2 covering analysts. With the stock currently trading at $34.58, this represents a potential upside of +4.1%. The company has a market capitalization of $476M.
Analyst price targets range from a low of $36.00 to a high of $36.00, representing a 0% spread in expectations. The median target of $36.00 aligns closely with the consensus average. The tight target dispersion indicates high conviction among analysts.
The current analyst consensus rating is Hold, with 0 analysts rating the stock as a Buy or Strong Buy,2 rating it Hold, and 0 rating it Sell or Strong Sell. The bearish sentiment suggests caution about the stock at current levels.
From a valuation perspective, FMAO trades at a trailing P/E of 10.1x and forward P/E of 10.9x. The forward PEG ratio of 0.80 suggests the stock may be undervalued relative to its growth. Analysts expect EPS to grow +9.4% over the next year.
Our proprietary valuation model, which blends historical multiples with forward estimates, suggests a base-case price target of $24.89, with bear and bull scenarios of $15.68 and $32.80 respectively. Model confidence stands at 48/100, suggesting limited visibility into future performance.
| Company | Market Cap | Price | Target | Upside Potential | Rating | Fwd P/E | Analysts |
|---|---|---|---|---|---|---|---|
 CZWICitizens Community Bancorp, Inc. | $205M | $21.23 | $24.00 | +13.0% | Buy | 14.9x | 3 |
 MVBFMVB Financial Corp. | $382M | $29.69 | $30.00 | +1.0% | Buy | 13.5x | 8 |
 HFWAHeritage Financial Corporation | $1.2B | $27.95 | $32.00 | +14.5% | Buy | 14.1x | 14 |
 OVBCOhio Valley Banc Corp. | $205M | $43.61 | — | — | Buy | — | 1 |
 FXNCFirst National Corporation | $266M | $29.40 | $21.00 | -28.6% | Buy | 12.1x | 1 |
 CFFIC&F Financial Corporation | $297M | $91.39 | — | — | — | 8.9x | — |
 FFINFirst Financial Bankshares, Inc. | $4.6B | $31.92 | $35.33 | +10.7% | Hold | 15.6x | 16 |
 FBIZFirst Business Financial Services, Inc. | $580M | $69.32 | $76.00 | +9.6% | Buy | 10.6x | 10 |
 CCNECNB Financial Corporation | $990M | $33.43 | $37.50 | +12.2% | Buy | 9.4x | 4 |
 FMNBFarmers National Banc Corp. | $675M | $15.18 | $16.00 | +5.4% | Hold | 9.6x | 7 |
Quick answers to the most common questions about buying FMAO stock.
The consensus price target for FMAO is $36, close to the current price of $34.58 (4.1% implied move). Based on 2 analyst estimates, the stock appears fairly valued near current levels.
FMAO has a consensus rating of "Hold" based on 2 Wall Street analysts. The rating breakdown is mixed, with 2 Hold ratings making up the largest segment. The consensus 12-month price target of $36 implies 4.1% upside from current levels.
With a forward P/E of 10.8972x, FMAO trades at a relatively low valuation. The consensus target of $36 implies 4.1% appreciation, suggesting the market may be pricing in risks.
The most bullish Wall Street analyst has a price target of $36 for FMAO, while the most conservative target is $36. The consensus of $36 represents the median expectation. Our quantitative valuation model projects a bull case target of $33 based on optimistic growth and margin assumptions. These targets typically reflect 12-month expectations.
FMAO is lightly followed, with 2 analysts providing price targets and ratings. Of these, 0 have Strong Buy ratings, 0 have Buy ratings, 2 recommend Hold, and 0 have Sell or Strong Sell ratings. Higher analyst coverage generally indicates greater institutional interest and more reliable consensus estimates.
The 12-month FMAO stock forecast based on 2 Wall Street analysts shows a consensus price target of $36, with estimates ranging from $36 (bear case) to $36 (bull case). The median consensus rating is "Hold". Our proprietary valuation model produces a base case fair value of $25, with bear/bull scenarios of $16/$33.
Our quantitative valuation model calculates FMAO's fair value at $25 (base case), with a bear case of $16 and bull case of $33. The model uses discounted cash flow analysis, historical growth rates, and margin mean-reversion to project FY+2 earnings, then applies an appropriate P/E multiple. The model confidence score is 48/100.
FMAO trades at a forward P/E ratio of 10.9x based on next-twelve-months earnings estimates compared to a trailing P/E of 10.1x. The higher forward P/E suggests near-term earnings pressure. A forward P/E is useful for comparing valuations when earnings are expected to change significantly.
FMAO appears fairly valued according to analysts, with a "Hold" rating and minimal upside to the $36 target. Consider your investment thesis and risk tolerance. This information is for educational purposes only. Always conduct your own research, consider your financial situation, and consult a financial advisor before making investment decisions.
FMAO analyst price targets range from $36 to $36, a 0% tight range reflecting strong analyst consensus. Differences stem from varying assumptions about revenue growth, profit margins, competitive dynamics, and valuation multiples. The $36 consensus represents the middle ground. Our model's $16-$33 range provides an independent fundamental perspective.
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