Wall Street bullish on GOP's preferred bank Chain Bridge

Chain Bridge Bancorp

29/10/2024 16:44

** Wall Street brokerages start coverage of Republican
Party's top bank, Chain Bridge Bancorp  CBNA.N , on a bullish
note on Tuesday as IPO research quiet period ends
    ** Piper Sandler starts coverage with "overweight" rating
and $27 PT, a 27.7% upside to stock's last close
    ** Says political deposit niche is attractive and has
healthy growth potential given the opportunity is even larger if
one were to count state elections    
    ** Nation's largest banks have largely ceded this business
because of concerns about reputational risk - Piper Sandler 
    ** Raymond James start coverage with a "strong buy" rating
and $29 PT, a 37% upside to stock's last close
    ** Says the "800-lb elephant" of campaign finance will
continue to demonstrate low-cost deposit growth from its niche
business, driving continued strong profitability
    ** Piper Sandler, Raymond James, and Hovde Group were the
underwriters for the IPO
    ** As of last close, CBNA stock down 3.9% since debut on
Oct. 4

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