Janney upgrades South Atlantic Bancshares to Buy on valuation
The Fly

Janney upgrades South Atlantic Bancshares to Buy on valuation

Janney Montgomery Scott upgraded South Atlantic Bancshares (SABK) to Buy from Neutral with a fair value estimate of $17.25, up from $16.25. The firm cites valuation for the upgrade. It believes South Atlantic should narrow its valuation gap and trade more in line with the peer group, given the company’s solid fundamentals, above-average growth, and attractive coastal South Carolina franchise.

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