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Piper Jaffray upgrades Signature Bank to 'overweight'

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* Matthew Breese of Piper Jaffray & Co. raised his rating on New York-based Signature Bank's stock to "overweight" from "neutral."

Breese attributed the upgrade to Signature Bank's "continued outlook for solid growth based on management commentary and a recent uptick in [New York City] multi-family transaction data."

The analyst kept Signature Bank's stock price target at $150 and its EPS estimate for 2019 at $11.55.