JPMorgan upgraded Amalgamated Financial to Overweight from Neutral with a $29 price target. The analyst sees 2024 as the year Amalgamated will benefit from the buildup of low cost political deposits through the presidential election and to demonstrate to investors that the company can pull above-peer loan growth by leveraging its “defensible sustainability niche.” The firm believes the company’s sustainability lending could prove to be more insulated from a potential economic slowdown. It also expects the credit overhang on Amalgamated to dissipate.
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