Janney Montgomery Scott Upgrades City Holding Company (CHCO) to Buy; Valuation Call
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Janney Montgomery Scott upgrades City Holding Company (Nasdaq: CHCO) from Neutral to Buy.
Janney analyst says, "Our marketing trip with City Holding affirmed our belief that the core banking franchise is strong and should allow the company to capture business and hire talent, as opposed to its competition which is reducing expenses in an attempt to reach prosperity. We like City for its solid capital levels, high level of non-interest income, and controlled operating expenses (the efficiency ratio is around 47%). We, therefore, raise our rating to BUY from Neutral and maintain our 12-month fair value estimate of $33."
City Holding Company is a bank holding company. The Company conducts its principal activities through its wholly owned subsidiary, City National Bank of West Virginia (City National).
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