Abacus Global price target lowered to $10 from $12 at Piper Sandler

Piper Sandler lowered the firm’s price target on Abacus Global (ABL) to $10 from $12 and keeps an Overweight rating on the shares. The firm notes asset managers have underperformed broader financials and the market year-to-date, but performance has improved in recent months as markets have calmed since the volatility around Liberation Day. In April, sentiment worsened dramatically around tariff announcements with worries deal activity would come to a standstill for months. Since then, there has been some thawing with a return in capital markets activity, Piper adds. In this backdrop, where activity is starting to return but is still far from normal, the firm is favoring credit focused names with management fee focused models.