Atlantic Union upgraded to Strong Buy from Outperform at Raymond James

Raymond James upgraded Atlantic Union Bankshares (AUB) to Strong Buy from Outperform with a price target of $41, up from $37. The firm sees an he attractive valuation for a “desirable franchise that is likely to show a significant improvement in financial performance over the next twelve months.” Atlantic Union shares are down 17% year-to-date, largely driven by fears that the Department of Government Efficiency would weigh heavily on the D.C. economy and its acquisition of Sandy Spring in the D.C. suburbs, the analyst tells investors in a research note. However, Raymond James came away constructive from a meeting with management on the bank’s outlook. Management reiterated their 2025 guidance and noted that the loan pipeline continues to build and core net interest margin continues to expand, the firm says.