UPDATE: Wolfe Research Starts Piper Sandler (PIPR) at Outperform
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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."
Shares of Piper Sandler closed at $163.39 yesterday.
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