ChoiceOne Financial initiated with a Buy at DA Davidson

DA Davidson analyst Jeff Rulis initiated coverage of ChoiceOne Financial (COFS) with a Buy rating and $37 price target ChoiceOne Financial, which operates ChoiceOne Bank of Michigan, has used a recent successful capital raise and a pending merger of size to position the bank to crack into a Top 10 overall market position, the analyst tells investors. The bank has “not only separated itself favorably versus a mixed Michigan banking landscape,” but the bank’s growth profile has exceeded national averages, adds the analyst, who projects the bank to produce superior profitability, while noting that shares trade at a 15% discount, making for “a compelling opportunity.”