Amalgamated Bank rises after JP Morgan upgrades to 'overweight'

Amalgamated Financial

12/12/2023 13:40

** Shares of commercial lender Amalgamated Bank  AMAL.O 
rise 6.49% to $24.79 premarket
    ** J.P.Morgan upgrades rating to "overweight" from
"neutral"; raises PT to $29 from $24
    ** AMAL poised to pull stronger than peer level of loan and
deposit growth supported by its niche businesses - JPM
    ** Brokerage expects AMAL to benefit from the buildup of low
cost political deposits through the presidential election in
2024
    ** JPM sees net interest margin expansion in 2024, given the
benefit of fixed asset repricing  
    ** Up to last close, stock up 1% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))