Piper Sandler initiated with an Underperform at BofA

BofA initiated coverage of Piper Sandler (PIPR) with an Underperform rating and $385 price target While Piper stands to benefit from accelerating M&A activity, especially U.S. bank M&A, franchise strength that skews smaller market-cap limits its potential for outsized EPS growth compared to peers exposed to larger deals, the analyst tells investors while initiating coverage on the boutique investment banks.