Piper Sandler
Piper Sandler & Co. is the Minneapolis-based investment bank and institutional broker-dealer of NYSE-listed Piper Sandler Companies. Its equity research is known for broad small- and mid-cap coverage across consumer, energy, financial services, healthcare and technology.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 88112M
- Actions
- 3,92212M
- Ratings / Price targets
- 2,163 / 1,759
- Upgrades / Downgrades
- 104 / 86
- Initiations
- 52
- Buy-rated
- 60%of 809 rated
- Median upside
- +15.5%
- Targets raised / lowered
- 977 / 550
- On record
- Dec 2011 – Sep 2026
Overview
Piper Sandler covered more than 800 small-, mid- and large-cap stocks with more than 45 publishing analysts as of 2026, and published more than 12,000 research reports in 2025. Macro research was added with Cornerstone Macro in 2022, and its semi-annual Taking Stock With Teens survey has run since 2001. As of 2026 its healthcare team includes six Ph.D.s.
The firm traces its roots to George B. Lane's commercial-paper brokerage, founded in Minneapolis in 1895, which merged with Piper, Jaffray & Co. in 1917. U.S. Bancorp acquired Piper Jaffray in 1998 and spun it off as a NYSE-listed company in 2003. Acquisitions of Simmons & Company (2016) and Weeden & Co. (2019) preceded the January 2020 acquisition of Sandler O'Neill + Partners, which created Piper Sandler Companies.
Milestones
- 1895
George B. Lane brokerage founded in Minneapolis
- 1998
Piper Jaffray acquired by U.S. Bancorp
- 2003
Spun off from U.S. Bancorp and listed on NYSE
- 2016
Acquired energy specialist Simmons & Company International
- 2020
Acquired Sandler O'Neill; renamed Piper Sandler Companies
- 2022
Acquired Cornerstone Macro, adding macro research
Firm facts
- Legal name
- Piper Sandler & Co.
- Type
- Full-service
- Founded
- 1895
- Headquarters
- Minneapolis, United States
- Parent
- Piper Sandler Companies
- Listing
- NYSE: PIPR
- Chairman and Chief Executive Officer
- Chad Abraham
- Rating scale
- OverweightNeutralUnderweight12 months
- Website
- pipersandler.com
Research philosophy
Our dedicated research analysts offer clients genuine thought leadership and unique perspectives that create timely insight and relevant opportunities.
Piper Sandler says it helps clients succeed through deep sector expertise and candid advice, and its research is organized in sector teams. As of 2026 its healthcare team publishes monthly BioInsights reports on emerging therapies, while technology analysts collaborate on thematic Tech Decoded reports and draw on a semi-annual CIO survey and app-download indexes.
Rating methodology
Ratings are Overweight, Neutral and Underweight, relative to the median of each analyst's coverage group over 12 months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Phillips 66PSX | Neutral | $264 |
 Alphabet Inc.GOOGL | Underweight | $445 |
 Goosehead Insurance, IncGSHD | Overweight | $72 |
 Robinhood Markets, Inc.HOOD | Overweight | $145 |
 Old Republic International CorporationORI | Neutral | $39 |
 Chord Energy CorporationCHRD | Overweight | $151 |
 PennyMac Financial Services, Inc.PFSI | Neutral | $86 |
 Arthur J. Gallagher & Co.AJG | Overweight | $287 |
 AppLovin CorporationAPP | Neutral | $325 |
 The Hershey CompanyHSY | Overweight | $200 |
Most active analysts
- Paul Newsome55 notesORIGSHDAJG
- Nathan Race54 notesWTFCCBSHALRS
- James Fish49 notesDGIITWLOAXON
- Brian Mullan48 notesCBRLBROSDPZ
- Peter Keith43 notesDLTRTGTFND
- Michael Lavery42 notesHSYCOCOKHC
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 22 |  Brinker International, Inc.EAT | Upgrade | Neutral →Overweight | ||
| Sep 22 | SOSoundHound AI, Inc.SOUN | Reiterate | Neutral | $11 →$6 | James Fish |
| Sep 22 | MSMotorola Solutions, Inc.MSI | Reiterate | Overweight | $499 →$531 | |
| Sep 22 |  Cisco Systems, Inc.CSCO | Target | $132 →$125 | ||
| Sep 22 | LFLiftoff Mobile, Inc. Common StockLFTO | Initiate | Neutral | $19 | James Callahan |
| Sep 22 |  MetLife, Inc.MET | Upgrade | Neutral →Overweight | $90 →$110 | Paul Newsome |
| Sep 22 | QTQ2 Holdings, Inc.QTWO | Reiterate | Overweight | ||
| Sep 21 |  Colgate-Palmolive CompanyCL | Target | $92 →$95 |