Piper Sandler gets 'outperform' rating from Northland on advisory outlook
Northland Capital Markets upgrades boutique investment bank Piper Sandler PIPR.N to "outperform" from "market perform" on advisory outlook and recent pullback in shares
Assigns PT of $350, representing a 17% upside to stock's last close
PIPR's advisory business has reached an inflection point that
warrants a more constructive view on the stock, brokerage says
Piper's several industry teams growing revenue YoY and the breadth of contribution across sectors reinforces durability of the advisory growth story - Northland
PIPR last month reported record Q4 revenue of $666 million, a 38% jump from a year earlier
Two of five brokerages rate the stock "buy" or higher, two "hold" and one "sell"; median PT $403.50 - data compiled by LSEG
As of last close, shares down 10.5% YTD
