Piper Sandler upgrades Amalgamated Financial to Neutral, raises target to $28

As previously reported, Piper Sandler upgraded Amalgamated Financial (AMAL) to Neutral from Underweight with a price target of $28, up from $27. The firm notes the change in its rating is driven by three main factors. First, the shares have meaningfully underperformed year-to-date and are now trading at a discount to peers. Second, the bank has recently softened their marketing tone to help avoid connections to “debanking.” Lastly, new disclosures and additional discussions around its renewables portfolio make Piper “a bit less nervous.”