City Holding initiated with an Equal Weight at Stephens

Stephens analyst Russell Gunther initiated coverage of City Holding with an Equal Weight rating and $89 price target as the analyst launches coverage on 10 Southeast/MidAtlantic banks. City Holding, which has been "a perennial profitability outperformer," is well positioned for the current climate dominated by liquidity and asset quality concerns, but the firm believes an above peer return, liquidity and asset quality profile is reflected in the stock price.