Piper Sandler downgrades Western New England Bancorp following outperformance

Western New England Bancorp

22/11/2022 19:03

** Piper Sandler downgrades regional lender Western New
England Bancorp Inc  WNEB.O  to 'neutral' from 'overweight' as
co outperforms NASDAQ banking index; maintains $10 PT 
    ** Says WNEB shares are up 17% quarter to date, vs NASDAQ
banking index, up 7% 
    ** Adds outperformance was driven by strong earnings coupled
with co's share repurchase on a relatively illiquid stock 
    ** Says WNEB performance YTD has been impressive with
respect to the NASDAQ banking index which remains negative on
the year 
    ** "We think buyback activity is likely to slowin coming
quarters" - Piper Sandler 
    ** Last month, co reported a better-than-expected Q3 EPS of
28 cents/shr vs analyst estimates of 27 cents - Refinitiv 
    ** YTD, co's shares are up ~9% including session's move 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))