Avidbank Holdings initiated with a Buy at DA Davidson

DA Davidson analyst Gary Tenner initiated coverage of Avidbank Holdings with a Buy rating and $24 price target. Avidbank has “a two-pronged business model,” balancing national lines of business with regional, Bay Area efforts in traditional lending products, the analyst tells investors. The company’s venture-related business came under pressure in March following the failure of Silicon Valley Bank, but the firm believes Avidbank could continue to grow its efforts in the segment over time as small venture capital funds emerge, the analyst added.