Janney starts Citizens & Northern at Neutral with $21 fair value estimate

As previously reported, Janney Montgomery Scott analyst Jake Civiello initiated coverage of Citizens & Northern with a Neutral rating and $21 fair value estimate. The firm, which notes that its valuation represents 1.6 times 2023 tangible book value, contends Citizens & Northern should trade at a premium to peers relative to TBV given its unique balance sheet positioning, strong core deposit franchise, lower relative cost of deposits, higher levels of regulatory capital and a higher profitability business model.