Community Financial System (CBU) PT Lowered to $69 at DA Davidson

DA Davidson analyst Jake Civiello lowered the price target on Community Financial System (NYSE: CBU) to $69.00 (from $70.00) while maintaining a Neutral rating.

The analyst commented, "Reiterate NEUTRAL rating and adjust PT to $69. We recently hosted meetings in the Mid-Atlantic with CEO Dimitar Karaivanov and CFO Marya Wlos. Primary topics of discussion included target markets for growth, technology implementation, feebased businesses, securities portfolio dynamics, competition, capital allocation and M&A. CBU operates one of the most comprehensive business models versus likesized market cap peers. We appreciate the embedded optionality to generate above average returns with below average risk. However, we remain unconvinced of incremental relative valuation improvement."

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