FUNC - First United stock rises 2.6% after Raymond James initiates at Outperform

First United Corp. (FUNC) stock gains 2.6% after Raymond James analyst William Wallace IV initiates coverage of the stock with an Outperform rating as the community bank has made significant progress in improving operations, especially concerning its credit quality."While work remains here, we are confident with respect to management's grasp on potential problem credits' and we model relative improvement/stability in credit metrics moving forward," Wallace writes in a note to clients.Sets a $24 price target.

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First United stock rises 2.6% after Raymond James initiates at Outperform