Piper upgrades Peapack-Gladstone to Overweight on higher estimates

Piper Sandler upgraded Peapack-Gladstone (PGC) to Overweight from Neutral with a price target of $35, up from $30, post the Q3 earnings analyst call. The firm raised earnings estimates “meaningfully,” saying it has become clearer that the New York City expansion is progressing better than expected. This will allow Peapack to grow low-cost funding, helping to drive net interest margin expansion to a greater degree, the analyst tells investors in a research note. Piper also believes Peapack-Gladstone’s credit costs have peaked and are likely to subside.