NBT Bancorp initiated with a Buy at DA Davidson

DA Davidson initiated coverage of NBT Bancorp (NBTB) with a Buy rating and $60 price target The stock has a premium valuation “for a reason,” namely a peer leading fee income contribution and low-risk credit culture, the analyst tells investors. The firm, which also cites an emerging regional manufacturing tailwind in upstate New York from in-sourcing trends and the CHIPS Act, says NBT’s recent dive into M&A enhances its positioning in this “Chip Corridor,” which should ultimately expand the valuation premium.