As previously reported, Stephens downgraded Camden National (CAC) to Equal Weight from Overweight with a price target of $53, up from $48. With shares now trading at about 175% price to tangible book value, the firm believes “the story has transitioned from credit fears from the summer to earnings and earnings improvement today,” while also noting that shares are relatively close to the firm’s updated fair value estimate following recent outperformance.
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Read More on CAC:
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