Northland Securities analyst Michael Grondahl maintained a Buy rating on Piper Jaffray Companies (PJC) today and set a price target of $89. The company’s shares opened today at $77.
Grondahl commented:
“We believe this 46% mix of Advisory for PJC highlights success in this overall business and is the primary reason for multiple expansion over time. Services completed 46 deals with $4.8B or value vs 37 deals and $4.9B a year ago. Investment income was stronger due to some investment and merchant banking gains. In addition, PJC believes 2019 will still be weighted towards the 2H of 2019 which we believe is a great sign for the year. On the call, management noted July was one of the better months YTD. Overall, PJC has a lot on its plate with Weeden closing Management sale later this year. We believe these are strategic moves and clearly position PJC for improved growth and cash generation.”
According to TipRanks.com, Grondahl is a 5-star analyst with an average return of 16.0% and a 58.5% success rate. Grondahl covers the Financial sector, focusing on stocks such as Front Yard Residential Corporation, Altisource Portfolio Solutions SA, and Health Insurance Innovations.
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 96.23K.
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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.
