Cass Information Systems price target lowered to $44 from $47 at Piper Sandler

Piper Sandler lowered the firm’s price target on Cass Information Systems to $44 from $47 and keeps an Overweight rating on the shares. Cass reported Q2 EPS of 32c, and after excluding a small securities loss, the firm pegs core to 33c. This widely missed Piper’s expectation of 53c. The miss was most significantly driven by higher expenses, reflecting operational but largely nonrecurring costs, the firm notes.