Simmons First climbs after Piper Sandler upgrades stock

Regional lender Simmons First National's SFNC.O shares rose 4% to $23.93 after Piper Sandler upgraded the stock to "overweight" from "neutral" and raised its price target to $27.50, implying a 19.7% upside to the last close.

SFNC late Thursday unveiled a move to close 26 branches across six states as it looks to simplify its business and cut costs. Management had previously indicated there is more runway to further improve efficiency.

"We had been becoming increasingly more positive on the story over the past two quarters, but had not yet found the right time to be more constructive with our rating," Piper Sandler analyst Stephen Scouten said.

Four of 7 brokerages rate the stock "buy" or higher and 3 "hold"; the median price target is $26, according to LSEG data. As of the last close, shares were up 21.9% year to date.