Piper Sandler
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Piper Sandler Companies traces its roots back to 1895 as Piper Jaffray, operating for over a century as an independent, employee-owned firm before merging with Sandler O'Neill and Partners in 2018 to form Piper Sandler. Today the firm maintains a substantial research presence with approximately 11,392 analyst ratings calls on U.S. equities, positioning it among the active voices in equity coverage. The firm has built particular expertise in midmarket and regional financial institutions, technology, and healthcare sectors, earning a reputation for deep sector specialization rather than broad generalist coverage. What distinguishes Piper Sandler's research culture is its emphasis on independence and fundamental analysis rooted in its long legacy as an employee-owned business, combined with its especially strong focus on regional banks and community financial institutions where it maintains some of the most comprehensive institutional knowledge in the industry.
Upgrades
963
79.44% win rate
· avg +3.41% D1
Downgrades
1,085
79.91% win rate
· avg -5.27% D1
Avg Gap — Upgrades
+2.88%
open vs prev close
Avg Gap — Downgrades
-4.74%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Financial Services | 79.39% (296) | +2.51% | 80.00% (300) | -2.74% |
| Healthcare | 84.83% (145) | +6.83% | 84.85% (165) | -12.03% |
| Consumer Cyclical | 82.09% (134) | +3.03% | 81.55% (168) | -5.15% |
| Technology | 77.27% (132) | +3.41% | 80.63% (160) | -5.88% |
| Energy | 76.47% (68) | +3.16% | 65.33% (75) | -3.07% |
| Consumer Defensive | 73.13% (67) | +2.02% | 84.62% (65) | -6.48% |
| Real Estate | 73.21% (56) | +1.18% | 75.41% (61) | -1.89% |
| Basic Materials | 86.36% (22) | +4.07% | 76.74% (43) | -2.35% |
| Communication Services | 77.27% (22) | +3.95% | 80.77% (26) | -7.09% |
| Industrials | 80.00% (20) | +4.80% | 80.95% (21) | -2.58% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 90.0% | 40 | 81.1% | 37 |
| 2025 | 81.7% | 82 | 74.3% | 74 |
| 2024 | 80.5% | 77 | 81.4% | 97 |
| 2023 | 83.3% | 96 | 76.0% | 121 |
| 2022 | 83.1% | 83 | 80.9% | 157 |
| 2021 | 80.4% | 92 | 72.7% | 77 |
| 2020 | 72.2% | 79 | 68.7% | 83 |
| 2019 | 83.3% | 48 | 86.5% | 52 |
| 2018 | 78.4% | 74 | 80.0% | 35 |
| 2017 | 70.0% | 50 | 83.3% | 54 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 18, 2026 | DECK | Deckers Outdoor Corporation | Consumer Cyclical | Upgrade | Underweight → Neutral | $100 | +0.1% | +1.1% |
| May 15, 2026 | EL | The Estée Lauder Companies Inc. | Consumer Defensive | Reiterates | Overweight | $95 | -0.4% | -0.7% |
| May 15, 2026 | BBWI | Bath & Body Works, Inc. | Consumer Cyclical | Reiterates | Neutral | $20 | -0.9% | -4.8% |
| May 15, 2026 | TNGX | Tango Therapeutics, Inc. | Healthcare | Downgrade | Overweight → Neutral | $24 | -7.1% | -17.3% |
| May 12, 2026 | GTM | ZoomInfo Technologies Inc. | Technology | Downgrade | Overweight → Neutral | $4 | -33.8% | -32.8% |
| May 12, 2026 | LENZ | LENZ Therapeutics, Inc. | Healthcare | Downgrade | Overweight → Neutral | $12 | -23.1% | -20.8% |
| May 8, 2026 | ENGN | enGene Holdings Inc. | Healthcare | Downgrade | Overweight → Neutral | $4 | -0.6% | -12.8% |
| May 8, 2026 | BSY | Bentley Systems, Incorporated | Technology | Upgrade | Neutral → Overweight | $45 | +1.2% | -2.6% |
| May 6, 2026 | UFCS | United Fire Group, Inc. | Financial Services | Upgrade | Neutral → Overweight | $45 | +9.0% | +7.9% |
| May 5, 2026 | TSCO | Tractor Supply Company | Consumer Cyclical | Downgrade | Overweight → Neutral | $36 | -0.8% | +1.1% |
| May 5, 2026 | RBLX | Roblox Corporation | Technology | Downgrade | Overweight → Neutral | $50 | -0.9% | -7.4% |
| May 5, 2026 | INSP | Inspire Medical Systems, Inc. | Healthcare | Downgrade | Overweight → Neutral | $55 | -14.3% | -12.0% |
| May 4, 2026 | TRAX | First Tracks Biotherapeutics Inc | Healthcare | Initiates | Overweight | $54 | -3.8% | -8.2% |
| May 4, 2026 | ESS | Essex Property Trust, Inc. | Real Estate | Upgrade | Neutral → Overweight | $310 | +1.2% | +0.5% |
| May 1, 2026 | INBK | First Internet Bancorp | Financial Services | Maintains | Neutral → Neutral | — | +2.7% | +3.5% |
| May 1, 2026 | ALRS | Alerus Financial Corporation | Financial Services | Maintains | Neutral → Neutral | — | +0.6% | +0.0% |
| May 1, 2026 | FMBH | First Mid Bancshares, Inc. | Financial Services | Maintains | Overweight → Overweight | — | +1.1% | +3.2% |
| May 1, 2026 | FIVN | Five9, Inc. | Technology | Maintains | Neutral → Neutral | — | +17.3% | +29.3% |
| May 1, 2026 | ITGR | Integer Holdings Corporation | Healthcare | Maintains | Overweight → Overweight | — | -0.7% | -5.1% |
| May 1, 2026 | FND | Floor & Decor Holdings, Inc. | Consumer Cyclical | Maintains | Overweight → Overweight | — | -0.2% | +4.5% |
| May 1, 2026 | CORT | Corcept Therapeutics Incorporated | Healthcare | Maintains | Overweight → Overweight | — | +4.2% | +10.5% |
| May 1, 2026 | THG | The Hanover Insurance Group, Inc. | Financial Services | Maintains | Overweight → Overweight | — | +0.9% | -0.5% |
| May 1, 2026 | RYAN | Ryan Specialty Holdings, Inc. | Financial Services | Maintains | Neutral → Neutral | — | -14.0% | -11.3% |
| May 1, 2026 | AFG | American Financial Group, Inc. | Financial Services | Maintains | Neutral → Neutral | — | +0.6% | -1.2% |
| May 1, 2026 | SMMT | Summit Therapeutics Inc. | Healthcare | Maintains | Neutral → Neutral | — | -25.3% | -24.9% |