Raymond James double upgrades Community Bank System to Strong Buy

Raymond James upgraded Community Bank System (CBU) to Strong Buy from Market Perform with a $67 price target The double upgrade reflects the improved earnings outlook for Community’s bank and continued strong growth from its three fee based-businesses, employee benefits, insurance, and wealth management, the analyst tells investors in a research note. The firm says the company’s Q3 results were modestly below expectations partly due to expenses, which “masked positive revenue trends.” With Community Bank’s revenue growth set to accelerate in 2025 due to net interest margin expansion and fee income growth, its earnings and profitability “should materially improve from current levels,” contends Raymond James.