Piper Sandler assumed coverage of Stock Yards Bancorp with a Neutral rating and $52 price target. At $8.2B in assets, Stock Yards Bancorp has the eventual hurdle of crossing $10B, but it can be patient with M&A, with years of organic growth runway, the firm says. Piper recognizes that Stock Yards Bancorp’s premium valuation has pulled back some over the last year and a half, but views the current premium as appropriate.
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