Cowen Group (COWN) PT Lowered to $68 at Piper Sandler on Model Stress Testing

Piper Sandler analyst Sumeet Mody lowered the price target on Cowen Group (NASDAQ: COWN) to $68.00 (from $71.00) but remains positive on the business after stress testing the model to account for different earnings scenarios. Despite emerging from the peak of the pandemic unscathed, shares remain significantly undervalued on a relative basis, considering the positive outlook for brokerage and banking activity.

The analyst reiterated an Overweight rating, stating "Through our analysis, we have determined that the most draconian assumptions on banking and brokerage revenues yields 18% downside risk to the current stock price but 150% upside to our aggressive scenario. When compared to our price target of $68, we see 68% upside to the current price". "We believe consensus EPS estimates and price targets will shift towards our estimates in the coming months".

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