UPDATE: DA Davidson Starts Summit Financial (SMMF) at Neutral

(updated to include analyst comments)

DA Davidson initiates coverage on Summit Financial (NASDAQ: SMMF) with a Neutral rating and a price target of $27.00.

Analyst Russell Gunther comments "The stock has underperformed during the financials-led post-election rally by ~6%, yet still trades at a ~20% discount to the MA medians in 2017E and 2018E vs. a historical 25%-35% discount. We do not believe the valuation discount is warranted given an above-peer return profile; and our $27 target implies a total return of 15%. As a result, we would be constructive on pullbacks as we favor improved EPS visibility and catalysts to low double-digit EPS growth that are non-interest rate, tax reform, or anticipated GDP improvement from potential government action related, in the form of its two recent deals."

For an analyst ratings summary and ratings history on Summit Financial click here. For more ratings news on Summit Financial click here.

Shares of Summit Financial closed at $23.39 yesterday.

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