Piper Sandler Says Buy Any Dips in Cowen Group (COWN) Before Earnings
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Piper Sandler analyst Sumeet Mody reiterated an Overweight rating and $68.00 price target on Cowen Group (NASDAQ: COWN) noting that the SPAC market has exploded in the last year and COWN has benefited from the spike in activity. Despite the increased activity, the overall contribution to earnings has been relatively small and shares have suffered from the recent negative view on SPACs.
The analyst stated "It is our view that negative SPAC sentiment has been creating downward pressure on COWN shares. Shares of COWN have been trading similarly to Defiance's SPAK ETF over the last few days, suggesting that certain investors believe COWN is overly exposed to the SPAC market and believe the stock should decline with any future reduction in SPAC activity. We believe the reduction in COWN's price may be irrationally related to the negative outlook associated with the SPAC market, and if we're correct in that assumption, is creating an even more attractive entry point for COWN shares. We strongly believe investors should be buying any dips between now and 1Q21 earnings."
Shares of Cowen Group closed at $33.97 yesterday.
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Related EntitiesCowen & Co, Earnings, SPAC
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