Piper Jaffray Companies (PJC) Gets a Buy Rating from Northland Securities

By Carrie Williams

In a report released today, Michael Grondahl from Northland Securities maintained a Buy rating on Piper Jaffray Companies (PJCResearch Report), with a price target of $89. The company’s shares closed yesterday at $73.26.

Grondahl noted:

“We believe these are 5-7 year terms. In 2018, Sandler’s revenues were ~$340M and revenues have an average of $290M since 2011. Sandler’s 199 book ran transactions and managed more sub debt or senior note offerings for banks under $35B in assets than any other bank since 2014. Sandler will get one BOD sent when the deal closes and a 2nd seat in 1Q21. Doyle will continue with the new company and have signed employment agreements along with other key Sandler employees and all Sandler partners. Proforma for the deal, Sandler employees are expected to own ~16% of the combined company. We believe the combined name is a good idea. For PJC, this acquisition deploys excess capital and expected cash proceeds from the pending sale of Advisory Research Inc.”

According to TipRanks.com, Grondahl is a 5-star analyst with an average return of 18.3% and a 60.0% success rate. Grondahl covers the Financial sector, focusing on stocks such as Front Yard Residential Corporation, Altisource Portfolio Solutions SA, and Thunder Bridge Acquisition Ltd.

Currently, the analyst consensus on Piper Jaffray Companies is a Moderate Buy with an average price target of $89.

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The company has a one-year high of $82.52 and a one-year low of $60.49. Currently, Piper Jaffray Companies has an average volume of 90.86K.

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Piper Jaffray Cos. is an investment bank and asset management firm, which engages in the provision of equity and debt capital markets products; public finance services; financial advisory services; equity research and institutional brokerage; fixed income institutional brokerage; and asset management services.