Piper Sandler downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst James Yaro downgraded Piper Sandler (PIPR) to Neutral from Buy with a $317 price target While the firm sees “robust” long-term earnings growth for Piper, driven by a diversified business model, an attractive combination of organic and inorganic growth, and a variable comp model, it expects lower EPS growth in 2024-26, driven by an in-line 12% revenue compound annual growth rate and less comp leverage.