Cadence Bank rises after Piper Sandler upgrades to 'overweight'

Regional lender Cadence Bank's CADE.N shares rise 3.2% to $35.30

Piper Sandler upgrades CADE to "overweight" from "neutral" after closing of Industry Bancshares deal; says benefits from additional scale and cost saves should drive upside in shares

Brokerage sees 25%-plus in total return potential over the next 12 months

Says earnings boost from Industry deal has extremely low execution risk as most of it is to come from the restructuring of the bank's large and underwater securities book

CADE completed the acquisition of Industry Bancshares earlier this month

Piper Sandler raises CADE PT to $42 from $36, a 22.8% upside to stock's last close

7 of 11 brokerages rate the stock "buy" or higher and 4 "hold"; median PT $37 - data compiled by LSEG

As of last close, CADE stock down 0.8% YTD