Citizens & Northern assumed with a Neutral at Piper Sandler

Piper Sandler assumed coverage of Citizens & Northern with a Neutral rating and $22 price target With about 7% upside to its price target the firm assumes shares trade to about 12.0-times of its 2025 estimate of $1.83. Keeping in mind Citizens & Northern has historically traded more expensively to peers, Piper believes the narrowing valuation spread could give investors an opportunity to be more constructive on the story moving forward if credit quality stabilizes, tangible book value growth accelerates, and higher levels of profitability are sustained.