Stock Yards Bancorp assumed with a Neutral at Piper Sandler

Piper Sandler assumed coverage of Stock Yards Bancorp with a Neutral rating and $65.50 price target. The firm says Stock Yards as one of the highest quality Smid-cap banks citing its consistently above average profitability profile and earrings growth, relatively “more benign” through-cycle credit quality track-record, and solid organic growth tendency. However, Piper sees limited near-term catalysts to drive a greater premium valuation and would become more constructive with a relative valuation pullback.