Piper Sandler bullish on National Bank Holdings, starts coverage with 'overweight' rating

Piper Sandler assumes coverage of National Bank Holdings Corp NBHC.N with an "overweight" rating; sets PT of $48, representing a 24.8% upside to the stock's last close

Brokerage says NBHC has been able to generate a peer leading net interest margin (NIM) largely driven by its disciplined loan and deposit pricing

Adds, NBHC has the opportunity to scale some unique fee businesses including 2UniFi, Cambr and trust & wealth management ($1.3B AUM)

2UniFi is a financial ecosystem targeting small and medium-sized businesses with treasury management depository capabilities, brokerage says

Cambr operates as an embedded finance deposit administration platform that generates fees from off-balance sheet deposits with minimal overhead costs - Piper Sandler

Four of five analysts rate stock "strong buy" or "buy" and one "hold"; their median PT is $46 - data compiled by LSEG

As of last close, stock was up 1.1% YTD