Western New England Bancorp assumed with a Neutral at Piper Sandler

Piper Sandler assumed coverage of Western New England Bancorp (WNEB) with a Neutral rating and $14 price target Shares are comparatively inexpensive at about 110% of TBVPS though the discounted valuation seems appropriate given lower than peer profitability metrics and without a clear catalyst to take shares higher, the firm stays on the sidelines.