2023-04-27 12:03:56 ET
- Keefe, Bruyette & Woods downgraded Cambridge Bancorp ( CATC ) to Market Perform from Outperform, following weaker Q1 results and "materially" lower net interest margin outlook.
- The rating "reflects significant margin uncertainty and expectations for material pressure in the coming quarters even after substantial unexpected pressure in Q1 results," said analyst Christopher O'Connell.
- He expects upside will be limited for the next several quarters given margin headwinds.
- KBW cut its operating EPS estimates for Cambridge ( CATC ) to $5.27/$5.67 for 2023/2024 due to the lower core NIM outlook.
- The research firm slashed its price target on Cambridge ( CATC ) to $62 from $85, implying 14.7% potential upside to its last close.
- Shares of Cambridge ( CATC ), which declined 37.4% YTD, fell 4% on Thursday.
- Wall Street analysts on average rate Cambridge ( CATC ) Buy, while SA Quant flagged that the stock is at high risk of performing badly .
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Cambridge Bancorp cut to Market Perform at KBW after weak results, NIM outlook