Janney Montgomery Scott analyst Jake Civiello downgraded Cambridge Bancorp to Neutral from Buy with an $87 fair value estimate. The analyst expects Cambridge will face greater funding challenges throughout 2023 relative to prior expectations. Competitive deposit pricing pressure in eastern Massachusetts and southern New Hampshire continues to intensify as larger peers are paying up for short-term CDs and money market deposits to maintain market share, the analyst tells investors in a research note. The firm expects slowing economic growth combined with higher funding costs to lead to lower than previously anticipated loan growth in 2023.
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