Piper Sandler on Dec. 31 announced that it had completed the acquisition of TRS Advisors. TRS Advisors was an independent advisory firm focused on advising and executing restructurings, reorganizations, and other complex financial transactions for public, private, and governmental clients.
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Piper Sandler (PIPR) previously announced the acquisition agreement on Dec. 9. TRS Advisors will operate as Piper Sandler’s restructuring group. The investment bank also disclosed that the team will be comprised of 12 bankers including five managing directors, with TRS Advisors founder Todd Snyder serving as the global head of restructuring upon the completion of the acquisition.
Northland Securities analyst Michael Grondahl raised the price target on PIPR to $110 (a 9% upside potential) from $87 on Dec. 15 and reiterated a Buy rating.
The company’s trends continued to be strong into December, according to Grondahl, with the analyst expecting Piper Sandler to post EPS of $0.84 for Q420. The company posted a Q320 EPS of $0.84.
Overall, the rest of the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 2 Buys. The average price target stands at $108 and implies a 7% upside potential to current levels. (See PIPR stock analysis on TipRanks)
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