PIPR - Piper Sandler Delivers Respectable Quarter On Sponsor And S&T Strength

• Piper Sandler is a more emerging bank in terms of reputation, but is delivering well against some of the comps in the advisory sector.
• Piper Sandler has a sales and trading business that is also doing well thanks to volatility in equities and interest rates.
• Public finance is also a solid exposure.
• Annualising PIPR's EPS, the 15x P/E ratio looks alright but only if you expect the factors driving volatility to abate. Unfortunately, we still see risks on the horizon.
• There are offsets in the business, but the timing could be better due to advisory exposure.

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