Piper Sandler upgrades Investar Holding to Overweight, raises target to $22

As previously reported, Piper Sandler upgraded Investar Holding (ISTR) to Overweight from Neutral with a price target of $22, up from $21. The firm notes Investar delivered strong Q1 results, supported by execution on deposit management. The shares are currently trading at about 80% of current TBVPS, and its new price target is about 10-turns its new 2026 estimate, or only about 1-turn year-out TBVPS – which would also move higher as rates move lower. Piper sees this as a low-risk, liability-sensitive profitability improvement story that given its low-float can be bought at an elevated discount today, and should narrow as rates fall.