Chain Bridge Bancorp initiated with a Strong Buy at Raymond James

Raymond James analyst Steve Moss initiated coverage of Chain Bridge Bancorp (CBNA) with a Strong Buy rating and $29 price target The Strong Buy rating reflects the bank’s strong core deposit base, track record of growth, strong profitability, and discount valuation, the analyst tells investors in a research note. Raymond James expects the bank will continue to demonstrate low cost core deposit growth from its niche business, that should enhance franchise value, and drive continued strong profitability and tangible book value growth, which, combined with an alignment of interests between management and shareholders, should support a higher valuation over time.