Janney Montgomery Scott initiated coverage of Sandy Spring Bancorp with a Neutral rating and $25 fair value estimate. Sandy Spring maintains an attractive commercial banking franchise in the greater D.C. market in addition to a solid deposit base, says the analyst, who thinks performance measures will begin to rebound towards peer levels in 2024. Recent results “do not fully reflect historical performance levels,” adds the analyst, who thinks deposit growth is a key focus for Sandy Spring in 2024.
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