Piper Sandler has singled out five financial-technology companies with Overweight ratings and set price targets that imply notable upside potential relative to current market levels. The firm's review covers a range of business models within fintech - from consumer-oriented digital banking to platforms for tokenized loans and infrastructure for trading and exchanges.
The bank applied valuation approaches tailored to each company, using multiples of revenue, EBITDA or earnings tied to forecast years spanning 2026 and 2027. Piper Sandler also flagged a set of risks for each stock that reflect the different operational and regulatory vulnerabilities across the sector.
Chime Financial
Piper Sandler assigned Chime Financial an Overweight rating and set a $30 price target. That target is derived from approximately 4 times the firm's 2026 EV/Sales estimate. The bank noted several potential downside factors, including adverse shifts in the financial health of active members, weakening of partner-bank relationships, regulatory action around debit interchange fees, and disruptions related to stablecoin payment flows.
Figure
Figure received an Overweight rating with a $55 price target, based on approximately 33 times Piper Sandler's 2027 EV/EBITDA estimate. The firm identified risks specific to Figure's business model, including exposure to credit losses, potential regulation that restricts tokenization, sensitivity to interest rate movements, and fluctuations in loan demand.
Robinhood
Robinhood was rated Overweight with a $155 price target, which reflects about 55 times Piper Sandler's 2027 EPS estimate. The bank emphasized uncertainties around regulatory developments, the level of retail trading activity, and ongoing legal challenges as primary risk factors for the brokerage's outlook.
Interactive Brokers
Piper Sandler placed Interactive Brokers at Overweight with an $80 price target, grounded in roughly 36 times the firm's 2026 EPS estimate. The firm noted Interactive Brokers' revenue streams are highly dependent on trading volumes and customer cash and securities balances, creating sensitivity to market activity.
Miami International
Miami International was also rated Overweight and assigned a $52 price target, based on approximately 29 times Piper Sandler's 2027 EPS estimate. The research highlighted potential headwinds including a slowdown in U.S. options volumes, regulatory risks tied to options market structure, and competitive pressure from both challenger exchanges and larger incumbent operators.
Across these recommendations, Piper Sandler applied differing valuation methodologies appropriate to each company's revenue and profit profiles, using multiples tied to 2026 or 2027 estimates. The firm underscored that the principal risks vary by business but generally include regulatory developments, shifts in market activity, credit and interest-rate sensitivity, and the stability of business partnerships.
The following sections summarize key takeaways and explicitly noted uncertainties for market participants considering exposure to the covered fintech names.