Janney Montgomery Scott Upgrades Avidbank (OTCMKTS:AVBH) to Buy

Avidbank (OTCMKTS:AVBH) was upgraded by equities researchers at Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a report issued on Tuesday, Marketbeat reports. The brokerage presently has a $26.00 target price on the stock. Janney Montgomery Scott’s price target indicates a potential upside of 18.24% from the stock’s previous close.

Separately, Stephens cut their target price on Avidbank from $24.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 23rd.

Avidbank Stock Performance

Shares of AVBH opened at $21.99 on Tuesday. The stock has a 50-day simple moving average of $20.01 and a 200-day simple moving average of $19.29. The stock has a market capitalization of $173.08 million, a PE ratio of 11.22 and a beta of 0.68. Avidbank has a 1 year low of $18.16 and a 1 year high of $22.00.

Avidbank (OTCMKTS:AVBH) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.09. The company had revenue of $38.43 million during the quarter, compared to analysts’ expectations of $20.18 million. Analysts predict that Avidbank will post 2.71 EPS for the current year.

About Avidbank

Avidbank Holdings, Inc operates as a bank holding company for Avidbank that provides financial products and services to businesses and individuals in the Santa Clara, San Mateo, and San Francisco counties. The company offers business and personal deposit products, such as checking, money market, and savings accounts; and certificates of deposit.