Stephens sees strong growth for Peoples Financial, initiates with 'overweight'

Peoples Financial Services

29/03/2022 12:24

** Stephens starts coverage on regional bank Peoples
Financial Services Corp  PFIS.O  with "overweight" rating
    ** Sets PT at $57, which implies an upside of ~10.9 to the
stock's last close 
    ** Brokerage says it expects the Pennsylvania-based bank to
generate double-digit EPS growth over the next two years, helped
by an asset sensitive balance sheet and high-single to
low-double digit loan growth 
    ** "We believe shares are undervalued and worth shining a
light on" - Stephens 
    ** Adds that co has a history of strong profitability
metrics, diversified revenue streams and a better-than-average
deposit profile
    ** As of last close, PFIS down 2.45% so far this year

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))