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Fly News Breaks for April 22, 2019
CHMG
Apr 22, 2019 | 08:41 EDT
As previously reported, Sandler O'Neill analyst Alexander Twerdahl downgraded Chemung Financial to Hold from Buy, mainly due to valuation following the company's quarterly results, noting that the stock has recently outperformed peers and bank stocks in general. Chemung now trades at about a 2x premium to its peers and a 1.5x premium to community bank stocks more generally, noted Twerdahl, who raised his price target on the stock to $52 from $50.
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