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Fly News Breaks for November 26, 2019
Nov 26, 2019 | 07:53 EDT
Raymond James analyst William Wallace initiated coverage of Meridian Bancorp, the holding company for East Boston Savings Bank, with an Outperform rating and $22 price target. He views the bank as being well-positioned to continue to grow organically in its legacy Boston market and sees a nearer-term margin tailwind given the current falling rate environment, Wallace tells investors. While he said a potential sale is not a driver of his Outperform rating, Wallace believes the company has meaningful franchise value and scarcity value as one of the largest publicly-traded Boston-based banks, he added.