Northeast Bank assumed with an Overweight at Piper Sandler

Piper Sandler analyst Justin Crowley assumed coverage of Northeast Bank (NBN) with an Overweight rating and $133 price target The firm notes the company runs one of the more differentiated models in small cap bank land, and while the stock’s valuation may look a bit rich at first glance, it thinks this is supported by very strong EPS growth and consistent 20% TBVPS growth.