National Bankshares upgraded to Buy at Janney on stronger NIM forecast

As previously reported, Janney Montgomery Scott upgraded National Bankshares (NKSH) to Buy from Neutral with an increased $38 fair value estimate. The acquisition of Frontier Bank, which closed in the past quarter, should sees ongoing integration benefits accrue to the company, including new business opportunities on loan and deposit relationships, the analyst tells investors. The firm notes its EPS estimates are now $2.35 in 2025 and $2.72 in 2026, both of which are about 30c lower than the prior forecast, as it accounts for higher operating expenses from the recent merger with incrementally stronger fee income and a rising Net Interest Margin, or NIM.