Avidbank Holdings initiated with a Neutral at Janney Montgomery Scott

Janney Montgomery Scott analyst Timothy Coffey initiated coverage of Avidbank Holdings with a Neutral rating and $21 fair value estimate. The company’s trailing earnings power has been hindered by the expense of borrowings and management has slowed loan growth due to the costs of current funding sources, notes the analyst, who sees near-term earnings power as highly dependent on Avidbank’s ability to replace high cost borrowings with lower costing core deposits.