UPDATE: Sterne Agee Upgrades City Holding Company from Underperform to Neutral
Sterne Agee upgraded City Holding Company (NASDAQ: CHCO) from Underperform to Neutral.
Sterne Agee commented, “We are raising our rating to Neutral from Underperform due to an increase in our earnings expectations (driven mainly by M&A) combined with YTD price underperformance (-3% YTD vs. +12% for SMID banks). The relative valuation framework has shifted meaningfully as shares now trade at an 8% discount to peers on 13E (11.9x vs. 12.9x) vs. a 14% premium in October 2011 (12.8x vs. 11.2x).”
City Holding Company closed at $32.93 on Tuesday.
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