Piper Sandler lowers PT for Eastern Bankshares, but says stock still "top pick"

Eastern Bankshares

16/05/2022 12:51

** Piper Sandler lowers price target for Eastern Bankshares
 EBC.O  to $23 from $24, citing lower valuations for peers
    ** New PT, however, still represents a 21.5% upside to
stock's last close
    ** Brokerage says bank has a healthy capital level, and is
expected to increase dividends and share buybacks
    ** Buybacks will accelerate in second qtr, Piper Sandler
estimates, with dealmaking less likely in the near term
    ** EBC still a "top pick" with an "overweight" rating,
brokerage adds, and is poised to benefit from higher interest
rates
    ** YTD, EBC shares have lost 6.2%, while the KBW Bank Index
 .BKX  has lost 18.8%

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))