UPDATE: KBW Raises PT on Community Bank System

KBW is out with its report today on Community Bank System CBU, raising its PT from $26 to $27. In a note to clients, KBW writes, "CBU continues to hit on all cylinders as the bank reported another strong quarter, topping both KBW and Street estimates. Versus our model, CBU reported better pre-tax, pre-provision income, as well as a lower-than-expected margin. Organic loan growth continues to remain stable, while the integration of the GIW deal remains on pace. Given quarterly results, we increase our estimates and raise our price target by $1." KBW maintains Market Perform on CBU. Shares of CBU closed Wednesday at $24.76.