Bar Harbor Bankshares assumed with a Neutral at Piper Sandler

Piper Sandler assumed coverage of Bar Harbor Bankshares with a Neutral rating and $33 price target. While the firm believes the company should continue to produce attractive profitability metrics and maintain superior asset quality, it also thinks that much of this is reflected in the current valuation. Bar Harbor’s shares are currently trading at 151% of TBVPS and 11.4-times Piper’s 2025 EPS estimate, slight but warranted premiums to peers.