Piper Sandler
Piper Sandler & Co.
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.
Company history
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.
- 1895George B. Lane brokerage founded in Minneapolis
- 1998Piper Jaffray acquired by U.S. Bancorp
- 2003Spun off from U.S. Bancorp and listed on NYSE
- 2016Acquired energy specialist Simmons & Company International
- 2020Acquired Sandler O'Neill; renamed Piper Sandler Companies
- 2022Acquired Cornerstone Macro, adding macro research
Research
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. Ratings are Overweight, Neutral and Underweight, relative to the median of each analyst's coverage group over 12 months.
Coverage12M
- Stocks
- 881
- Ratings
- 2,163
- Price targets
- 1,759
- Median upside
- +15.5%
- Upgrades
- 104
- Downgrades
- 86
- Initiations
- 52
- Reiterations
- 1,921
- Targets raised
- 977
- Targets cut
- 550
- Positive60%486
- Neutral37%301
- Negative3%22
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 PSXPhillips 66 | Neutral | $264 |
 GOOGLAlphabet Inc. | Underweight | $445 |
 GSHDGoosehead Insurance, Inc | Overweight | $72 |
 HOODRobinhood Markets, Inc. | Overweight | $145 |
 ORIOld Republic International Corporation | Neutral | $39 |
 CHRDChord Energy Corporation | Overweight | $151 |
 PFSIPennyMac Financial Services, Inc. | Neutral | $86 |
 AJGArthur J. Gallagher & Co. | Overweight | $287 |
 APPAppLovin Corporation | Neutral | $325 |
 HSYThe Hershey Company | Overweight | $200 |
Analysts24M
- Paul NewsomeORI · GSHD · AJG55
- Nathan RaceWTFC · CBSH · ALRS54
- James FishDGII · TWLO · AXON49
- Brian MullanCBRL · BROS · DPZ48
- Peter KeithDLTR · TGT · FND43
- Michael LaveryHSY · COCO · KHC42
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
 Brinker International, Inc.EAT | Upgrade | Neutral →Overweight | Sep 22 | |
| SOSoundHound AI, Inc.SOUN | Reiterate | Neutral | $11 →$6 | 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 | Sep 22 |
 MetLife, Inc.MET | Upgrade | Neutral →Overweight | $90 →$110 | Sep 22 |
| QTQ2 Holdings, Inc.QTWO | Reiterate | Overweight | Sep 22 | |
 Colgate-Palmolive CompanyCL | Target | $92 →$95 | Sep 21 |
Similar coverage12M
References
- History | Piper Sandlerpipersandler.com
- Piper Sandler Companies - Wikipediaen.wikipedia.org
- Research | Piper Sandlerpipersandler.com
- Piper Sandler 22nd Annual Energy Conference Recap (rating definitions)pipersandler.com
- Piper Sandler Teen Surveypipersandler.com
- Piper Sandler Companies Elects Wendy L. Schoppert to Board of Directors (Business Wire, September 2026)businesswire.com