Piper Sandler upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research upgraded Piper Sandler (PIPR) to Outperform from Peer Perform with a $339 price target The firm has confidence in recommending alternative asset managers over the merger and acquisition brokers as a way to play the improving capital markets backdrop. Piper is positioned to benefit disproportionately from the ramping bank and sponsor merger deals, the analyst tells investors in a research note. Wolfe sees the company entering a multi-year phase of stronger fee growth versus peers.