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Fly News Breaks for May 23, 2019
FCCY
May 23, 2019 | 08:36 EDT
As previously reported, Sandler O'Neill analyst Nicholas Cucharale initiated 1st Constitution Bancorp with a Buy rating and $21.50 price target. He sees the bank having an underappreciated deposit franchise and believes the diversification of its loan portfolio should lead to a more consistent, higher multiple earnings stream. In terms of M&A, Cucharale thinks 1st Constitution could steepen its earnings trajectory with the right acquisition and believes there would be "a host of potential suitors" if the bank ever decided to put itself up for sale.
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