Piper Sandler price target lowered to $170 from $174 at JMP Securities

JMP Securities analyst Devin Ryan lowered the firm’s price target on Piper Sandler to $170 from $174 and keeps an Outperform rating on the shares. Banks have been underperformers in recent months with some overhangs persisting, but “green shoots” are starting to broaden, the analyst tells investors in a research note. The firm estimates that periods of uncertainty throughout the quarter weighed on capital markets activity and trading volumes throughout the first half of the period, but feels Q2 represents a step forward for risk appetites in the market, exiting the quarter with some momentum.