Community Financial jumps after Raymond James upgrades to 'strong buy'

Community Financial System

28/10/2024 19:08

** Shares of financial services firm Community Financial System
 CBU.N  jump 7.9% to $60.99
    ** Raymond James upgrades CBU to "strong buy" from "market
perform"; assigns PT of $67, an 18.5% upside to stock's last
close
    ** Brokerage says upgrade reflects improved earnings outlook
for CBU's banking subsidiary and continued strong growth in
three fee-based businesses —employee benefit services, insurance
services and wealth management services
    ** Adds that CBU's earnings and profitability should
"materially" improve from current levels as revenue growth
accelerates in 2025
    ** Two of five brokerages rate the stock "strong buy" and
three "hold"; median PT is $65 — LSEG
    ** As of last close, CBU shares up 8.5% YTD

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