Community Bank System price target lowered to $61 from $64 at Piper Sandler

Piper Sandler lowered the firm’s price target on Community Bank System (CBU) to $61 from $64 and keeps a Neutral rating on the shares. The firm notes the company reported a modest core beat versus its estimate and consensus, reflecting better expense control partially offset by lower fee income. Though loan growth fell short, net interest income was still in line with expectations on a more liquid balance sheet. Despite a beat on bottom line vs expectations, Piper expects investors were a bit less enthused as it came on better expenses as opposed to revenue growth and in particular fee revenues, which drives the premium valuation.