** Piper Sandler upgrades community lender German American Bancorp GABC.O to "overweight" from "neutral" based on discounted valuation

** Brokerage says GABC's well-above average profitability outlook has upside potential given number of company-specific catalysts such as fixed-rate asset repricing, strong loan pipelines, and robust core fee income growth

** Maintains $47 PT on GABC, implying an 18% upside to stock's last close

** "Excess capital growth will likely provide GABC with added flexibility to pursue additional well-received M&A" - Piper Sandler

** 4 of 6 brokerages rate the stock "buy" or higher and 2 "hold"; median PT $46.50 - data compiled by LSEG

** As of last close, GABC stock up 1.6% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))