Piper Sandler downgraded to Market Perform from Outperform at JMP Securities

JMP Securities analyst Devin Ryan downgraded Piper Sandler to Market Perform from Outperform without a price target. The analyst cites valuation for the downgrade with the shares reaching the firm’s prior price target. JMP continues to like the company’s diverse business model and growth prospects, but thinks the risk/reward is now better balanced after the stock appreciated 36% in 2023.