Piper Sandler cuts Chain Bridge Bancorp to 'neutral' after strong run

Chain Bridge Bancorp

29/05/2025 13:05

** Piper Sandler downgrades Chain Bridge Bancorp CBNA.N, a lender popular among Republicans since its inception, to "neutral" from "overweight"

** Says CBNA shares are now trading only 8% below its $29 PT, driving the brokerage to downgrade its rating

** CBNA stock closed up 1.2% at $26.96 on Wednesday

** Brokerage still likes the bank's differentiated strategy but sees limited near-time upside potential in the stock

** CBNA went public last year after a 1.85 million share IPO priced at $22 apiece

** 1 of 3 brokerages rate the stock "strong buy" and 2 "hold"; median PT $29 - data compiled by LSEG

** As of last close, CBNA stock up 7.5% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))