Piper Sandler analyst Mark Fitzgibbon upgraded the rating on NBT Bancorp to a Buy today, setting a price target of $47.00.
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Mark Fitzgibbon has given his Buy rating due to a combination of factors that highlight NBT Bancorp’s potential for recovery and growth. Despite the stock’s recent underperformance compared to its peers and the broader banking sector, Fitzgibbon believes this is an unjustified disparity. The stock’s current valuation is seen as attractive, especially considering its historical performance in exceeding earnings expectations.
Additionally, the recent Evans deal, which initially pressured the stock, is now considered successfully integrated, further strengthening the company’s position. Fitzgibbon also notes that NBT Bancorp’s indirect auto lending business remains robust and unaffected by the recent bankruptcy of Tricolor Holdings. Given these factors, he anticipates the stock should trade at a higher multiple, reflecting its superior funding base and profitability, suggesting a potential upside in its price.
Fitzgibbon covers the Financial sector, focusing on stocks such as Bar Harbor Bankshares, Beacon Financial Corporation, and NBT Bancorp. According to TipRanks, Fitzgibbon has an average return of 6.0% and a 57.56% success rate on recommended stocks.