Stephens downgraded Dime Community (DCOM) to Equal Weight from Overweight with a price target of $33, up from $30, largely citing valuation with shares up 16% over the last month. While stating that it is hard to deny tailwinds around margin expansion driven by back-book repricing, beyond valuation the firm is “keeping a close eye” on Dime’s $1.1B rent-regulated multi-family exposure, the analyst tells investors.
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