Northeast Bank initiated with a Market Perform at Keefe Bruyette

Keefe Bruyette analyst Damon DelMonte initiated coverage of Northeast Bank (NBN) with a Market Perform rating and $102 price target Northeast is a $3.9 billion-in-asset bank headquartered in Portland, Maine with a seven-branch footprint within the state, the analyst tells investors in a research note. The firm views the story favorably citing the bank’s strong operating track record, but believes the near 80% appreciation in the shares year-to-date and its “outsized” commercial real estate concentration are likely to limit further near-term appreciation.