Janney starts Farmers & Merchants with a Neutral rating, $30 fair value estimate

As previously reported, Janney Montgomery Scott analyst Daniel Cardenas initiated coverage of Farmers & Merchants with a Neutral rating and $30 fair value estimate. While Farmers & Merchants has "assembled a record of sound loan growth and improving profitability" and remains well positioned to produce steady operating results, these factors are reflected in the current valuation, Cardenas tells investors.