ConnectOne upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded ConnectOne Bancorp (CNOB) to Outperform from Market Perform with a price target of $32, up from $31. The shares are trading at “considerable discounts” to both peers and its historical medians despite key metrics broadly screening in the top quartile of the SMID-cap bank sector, the analyst tells investors in a research note. The firm also sees several potential catalysts this year that could drive the stock higher, particularly accretion from the close of the First of Long Island (FLIC) merger, organic net interest margin expansion, and benefits from additional interest rate cuts.