UPDATE: Keefe, Bruyette & Woods Initiates Coverage On Central Valley Community Bancorp On Good Long-Term Outlook

In a report published Tuesday, Keefe, Bruyette & Woods analyst David Gong initiated coverage on

with a Market Perform rating and $13.00 price target. In the report, Keefe, Bruyette & Woods noted, “We are initiating coverage of Central Valley Community Bancorp

with a $13.00 price target and Market Perform rating. Our price target implies 9% potential upside plus a 2% dividend yield. We are constructive on CVCY on a long-term basis, but because of a lack of near-term earnings growth and low trading liquidity in the shares, we prefer to remain on the sidelines on this name over a 12-month investment horizon. Our price target and recommendation presume operating independence by CVCY and factor in organic growth only.” Central Valley Community Bancorp closed on Monday at $11.95.