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.
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Read More on NBN:
- Northeast Bancorp Reports Strong Q1 2024 Earnings
- Northeast Bank announces ‘significant’ loan purchase volume
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
