Cass Information Systems price target lowered to $46 from $47 at Piper Sandler

Piper Sandler lowered the firm’s price target on Cass Information Systems (CASS) to $46 from $47 and keeps an Overweight rating on the shares following quarterly results. The firm notes that there was some accounting noise in the quarter driven by the announced sale of a business line. These now discontinued operations provided for 3c of EPS in Q1. While transportation volumes continued to fall, albeit stabilizing on a per invoice basis, management remains optimistic on current outlook, and Piper continues to see the potential for continued outsized business wins and efficiencies particularly on the facilities side of the business.