Seaport Research rolls out coverage of eight New England banks

Seaport Research initiated coverage on eight New England banks, starting five with Buy ratings, two with Sells and one with a Neutral rating and no price target. Seaport started Berkshire Hills Bancorp (BHLB) with a Sell rating and $16 price target, citing its belief “credit noise will push shares lower,” and Independent Bank with a Sell rating and $45 price target, citing its view that the bank will underperform on credit through the cycle due to outsized office CRE exposure. Seaport started Brookline Bancorp (BRKL) with a Buy rating and $12 price target, Eastern Bankshares (EBC) with a Buy and $16 target, Washington Trust Bancorp (WASH) with a Buy and $34 target, Webster Financial (WBS) with a Buy and $56 target and Western New England Bancorp (WNEB) with a Buy rating and $8 price target. The firm also began coverage of HarborOne Bancorp (HONE) with a Neutral rating.