UPDATE: Wolfe Research Starts Piper Sandler (PIPR) at Outperform

December 2, 2021 6:36 AM EST
Get Alerts PIPR Hot Sheet
Price: $150.57 +1.39%

Rating Summary:
    3 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 13 | New: 20
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(Updated - December 2, 2021 6:40 AM EST)

Wolfe Research analyst Steven Chubak initiates coverage on Piper Sandler (NYSE: PIPR) with a Outperform rating and a price target of $215.00.

The analyst comments "We are initiating coverage of Piper Sandler (PIPR) with an Outperform rating and a $215 PT (32% upside). PIPR is a well-managed diversified IB franchise with significant gearing to areas of secular growth (e.g., Sponsor M&A, Biotech ECM), and one of the strongest EPS growth algorithms across our coverage. We believe PIPR represents an attractive opportunity to own a high-quality IB franchise with underappreciated share gain potential, supporting meaningful upside to cons. even as activity normalizes (2022 +14%; 2023 +17%). We also see a credible case for multiple rerating which is not reflected in our current valuation / PT but should translate into greater multiple resiliency vs. peers when the M&A cycle turns."

For an analyst ratings summary and ratings history on Piper Sandler click here. For more ratings news on Piper Sandler click here.

Shares of Piper Sandler closed at $163.39 yesterday.

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