DA Davidson Starts Community Bank System (CBU) at Neutral

(updated to include analyst comments)

DA Davidson initiates coverage on Community Bank System (NYSE: CBU) with a Neutral rating.

Analyst Russell Gunther comments "The stock has modestly outperformed Mid-Atlantic peers in the post-election, financials-led rally by 1.3%, up 24.8%. We view CBU as a high-quality, differentiated franchise; however, trading 23.5x and 21.0x our above-Street estimates, a meaningful 4x-4.5x or ~25% premium, we believe an above-peer return profile with positive catalysts for improvement is largely priced in. With +4% upside that considers a 2.2% dividend yield"

For an analyst ratings summary and ratings history on Community Bank System click here. For more ratings news on Community Bank System click here.

Shares of Community Bank System closed at $58.58 yesterday.

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