Investar Holding upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Investar Holding to Overweight from Neutral with an unchanged price target of $13.50. The stock’s valuation has “become unreasonably depressed” even considering the bank’s modest earnings outlook, the analyst tells investors in a research note. The firm believes Investar’s trading volumes have stabilized, and says that with the stock now trading at 58% of tangible book value, the shares “present a nice risk/reward for patient investors.”