Community Bank System initiated with a Buy at Janney Montgomery Scott

Janney Montgomery Scott analyst Jake Civiello initiated coverage of Community Bank System with a Buy rating and $66 fair value estimate. The "diversified, uniquely-positioned" community bank has a long-standing focus on growing non-interest revenue to diversify income and reduce reliance on net interest income, said the firm, which believes investors may not give enough credit to key business lines such as benefits administration, insurance, and wealth management.