Chain Bridge Bancorp initiated with an Overweight at Piper Sandler

Piper Sandler analyst Mark Fitzgibbon initiated coverage of Chain Bridge Bancorp (CBNA) with an Overweight rating and $27 price target The company has carved out a niche serving political organizations and has developed the specialized expertise in meeting the needs of these high transaction volume entities, the analyst tells investors in a research note. Piper assumes the stock trades to 120% of its estimate for tangible book value in one year’s time.