Piper Sandler lowered the firm’s price target on UMB Financial (UMBF) to $145 from $148 and keeps an Overweight rating on the shares. The firm believes another acquisition highly unlikely over the near-to-intermediate term and says organic pieces are in place to generate price to earnings expansion above peers. Expected catalysts include UMB’s likely more benign future credit quality, superior balance sheet growth prospects partially via share gains, as well as continued strong revenue growth across UMB’s higher multiple/less capital intensive and uniquely diversified fee income businesses.
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