Piper Sandler analyst Nathan Race upgraded UMB Financial to Overweight from Neutral with an unchanged price target of $74. The analyst cites the stock’s “relatively discounted” valuation compared to UMB’s historical premium over peers, and number of company-specific catalysts for the upgrade. With the Federal Reserve nearing an end of its tightening cycle, the vast majority of UMB’s upward deposit cost pressure should be behind the company, the analyst tells investors in a research note.
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