Raymond James upgrades Dime Community Bancshares to 'strong buy', lifts PT

Dime Commercial Bancshares

17/09/2024 11:04

** Raymond James upgrades its rating on regional lender Dime
Community Bancshares  DCOM.O  to "strong buy" from "outperform";
raises PT to $35 from $29, which represents a 34.6% upside to
stock's last close
    ** Brokerage says deposit growth momentum and expectations
for lower interest rates should drive a material improvement in
DCOM's earnings next year
    ** Adds that lower rates support a more favorable outlook
for DCOM's more conservatively underwritten commercial real
estate and multi-family loans
    ** Brokerage recently spoke with DCOM management which
indicated that deposit growth trends from recent hires remain
intact
    ** That should support sustained net interest margin
expansion - Raymond James
    ** Three of five brokerages rate the stock "buy" or higher
and two "hold"; their median PT is $28 - LSEG
    ** As of last close, DCOM shares down 3.4% YTD

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