Stephens starts ‘small cap growth story’ Norwood Financial at Equal Weight

As previously reported, Stephens initiated coverage of Norwood Financial (NWFL) with an Equal Weight rating and $25.50 price target The firm believes the small-cap, $2.3B asset bank is well positioned in the current environment and believes the bank is likely to push for loan growth in their “relatively disrupted” eastern Pennsylvania and Upstate New York markets. The firm “wouldn’t be surprised to see the relatively new management team hunt for whole bank deals,” but cites a forecasted ROA that lags peers for initiating the stock with an Equal Weight rating.