Janney upgrades ‘ignored’ Eagle Bancorp to Buy from Neutral

As previously reported, Janney Montgomery Scott upgraded Eagle Bancorp (EGBN) to Buy from Neutral with a $24 fair value estimate. Investors have “ignored” Eagle shares in recent months as the stock has drifted from $24 to sub-$17 recently, notes the analyst, who encourages investors to “do more homework on the EGBN story” with the stock still trading at a less than the 66% average price-to-tangible book value ratio since December 2022. Investors patience on a “valuation mean reversion” should be “rewarded,” the analyst argues.