Chemung Financial price target lowered to $50 from $54 at Piper Sandler

Piper Sandler analyst Frank Schiraldi lowered the firm’s price target on Chemung Financial (CHMG) to $50 from $54 given the recent decline in peer valuations, while keeping a Neutral rating on the shares. The firm notes the company reported a core EPS beat primarily driven by better-than-expected operating expense. Given the beat, Piper is increasing its estimates modestly.