ConnectOne Bancorp Shares Are Rarely This Cheap, Analyst Upgrades Stock And Price Forecast – ConnectOne Bancorp (NASDAQ:CNOB)

ConnectOne Bancorp, Inc. CNOB shares are trading greater on Wednesday.

Keefe, Bruyette & & Woods expert Tim Switzer updated the stock on Tuesday from Market Perform to Outperform and raised the cost projection from $ 31 to $ 32.

The expert keeps in mind that the shares are trading at a noteworthy discount rate to both peers and their historic typicals, despite the fact that the business’s crucial metrics normally rank in the leading quartile amongst SMID-cap banks. The bullish position likewise shows numerous prospective drivers this year that might drive the stock greater.

Switzer keeps in mind the crucial positives, consisting of the accretion from the merger closure with The First of Long Island Corporation FLIC, natural net interest margin (NIM) growth, enhancement in CRE credit issues, and gain from extra Fed rate cuts.

CNOB ranks in the leading decile of banks for PPNR/share and EPS development through 2026 while producing an ROTCE above the peer average, includes the expert.

The expert keeps in mind that, throughout a conference at KBW’s Financial Solutions Conference in February, the business’s management shared that the preliminary combination efforts for FLIC were advancing efficiently, revealing self-confidence in conference or going beyond all preliminary targets.

Switzer anticipates CNOB to accomplish CAGRs of +32% for PPNR/share and +33% for EPS from 2024 to 2026, both in the leading decile of peers over that duration.

Cost Action: CNOB shares are up 3.41% at $24.54 at the last check Wednesday.

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