Chime initiated with an Overweight at Piper Sandler

Piper Sandler analyst Patrick Moley initiated coverage of Chime (CHYM) with an Overweight rating and $40 price target The firm believes the company is well positioned to further penetrate a large addressable market of nearly 200M Americans making less than $100,000 per year. While this customer cohort may be considered “low quality” by traditional banking standards, Chime’s fee-based servicing approach has created a “high upside” opportunity, the analyst tells investors in a research note.