Piper Sandler assumes coverage of three tech-forward banks in the U.S. with “overweight” ratings: Customers Bancorp (CUBI.N) , Pathward Financial (CASH.O) and The Bancorp (TBBK.O)
On CUBI, Piper believes EPS growth is achievable and that the multiple should expand to at least peer levels given its growth profile, adding that headwinds from crypto and NDFI weighting risks are overblown
The co has developed a 24/7/365 instant payments network called cubiX, whose activity has reached more than $2 trillion and has landed it as the #1 commercial payments network in the U.S.- Piper Sandler
On CASH, Piper highlights its trusted positioning in helping fintechs navigate the banking ecosystem across payments, deposits, and loan origination as something that should endure medium term
On TBBK, Piper sees similar fintech positioning as a key strength, helping clients navigate the banking ecosystem across payments, deposits, and loan origination
TBBK is the #1 US issuer of prepaid cards and has the 6th most debit and prepaid issuer volume - Piper Sandler

CASH

CUBI

TBBK

BUZZ-Piper Sandler assumes coverage on three tech-forward banks with 'overweight' ratings