Salisbury Bancorp downgraded to Neutral at Janney after NBT Bancorp deal

As previously reported, Janney Montgomery Scott analyst Jake Civiello downgraded Salisbury Bancorp (SAL) to Neutral from Buy with a $33 fair value estimate, up from $30, after Neutral-rated NBT Bancorp (NBTB) announced the acquisition of Salisbury in an all stock deal. He believes Salisbury shares will trade in conjunction with NBT up until deal closing and notes that the latter trades at a premium valuation to peers. The deal terms represent the highest share price for Salisbury since the Bancorp was formed in 1998, added Civiello.