Burke & Herbert Financial Services initiated with a Buy at DA Davidson

DA Davidson initiated coverage of Burke & Herbert Financial Services (BHRB) with a Buy rating and $76 price target The Virginia-based commercial bank is set to boost profitability and ramp asset and earnings growth as a result of its just completed merger of equals with Summit Financial (SMMF), the analyst tells investors. Burke & Herbert’s “underappreciated earnings power” and a lack of attention drives an attractive valuation, making it a “hidden gem,” the analyst added.