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Investing.com - Piper Sandler initiated coverage on Coastal States Bank (NYSE:COSO) with an Overweight rating and a price target of $26.00, implying approximately 22% upside from Friday’s closing price. For a comprehensive analysis of COSO’s valuation metrics and Fair Value assessment, check out InvestingPro.
The research firm based its price target on the expectation that the stock will trade at approximately 1.2 times its estimated tangible book value per share in one year’s time.
Piper Sandler cited Coastal States Bank’s strong profitability metrics and impressive growth profile as key factors supporting the positive rating.
The firm noted that COSO shares could potentially move closer to 1.35 times tangible book value per share and 11.5 times forward earnings compared to its peer group.
Piper Sandler indicated that while there is potential for additional upside beyond its current price target, such valuation expansion would likely take time to materialize.
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