MVBF - JP Morgan initiates MVB Financial at Overweight on large growth runway stock rises 9%

• MVB Financial ( NASDAQ: MVBF ) rose 9.5% on Monday after J.P. Morgan initiated coverage of the stock at Overweight, calling it one of its top picks, given its "tremendous" growth runway ahead at a bargain valuation.
• "We are very bullish on the growth runway ahead for MVB given strong tailwinds from the online gaming/sports betting industry and additional growth levers coming from banking as a service," said analyst Steven Alexopoulos. "With MVB deepening its moat around this nascent industry, we see MVB becoming 'the Silicon Valley Bank' of the online gaming industry."
• J.P. Morgan also noted that MVB ( MVBF ) shares are currently trading at a steep discount to its broader coverage universe.
• The research firm set a price target of $35 for MVB ( MVBF ), implying 40.4% potential upside to its last close.
• J.P. Morgan's stance is in line with bullish sell-side ratings but contrasts SA Quant's Hold rating .
• Earlier, MVB ( MVBF ) stock climbed 8% after earnings and Raymond James resumed coverage at Outperform .

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