Chain Bridge Bancorp assumed with a Neutral at Piper Sandler

Piper Sandler assumed coverage of Chain Bridge Bancorp (CBNA) with a Neutral rating and $39 price target While the firm likes Chain Bridge’s differentiated strategy centered around the political deposit business and its ultra-low-risk balance sheet, the stock has been on a very strong run over the last twelve months, and it does think volatility in the balance sheet and earnings power likely limits further relative upside in the valuation.