West Bancorporation assumed with a Neutral at Piper Sandler

Piper Sandler assumed coverage of West Bancorporation (WTBA) with a Neutral rating and $21.50 price target The firm views West Bancorporation as a high-quality, commercially focused and holistic community bank with a strong deposit franchise and attractive positioning in relatively higher growth Midwest MSAs. Piper stays on the sidelines to reflect limited visibility of catalysts to drive West Bancorporation’s improving profitability profile closer to peers and expand shares’ current valuation above peers.