Customers Bancorp resumed with a Buy at B. Riley

B. Riley resumed coverage of Customers Bancorp with a Buy rating and $62 price target. The analyst says Customers is an “exceptionally well-positioned bank,” which has made improvements in franchise value in 2023, when many banks were heading in the other direction or even failing. The stock trades at a discount versus its historical range and the small-cap bank sector, even though the company has captured significant value in the industry turmoil due to management’s astute strategic moves prior to the crisis and during the aftermath, the analyst tells investors in a research note.