Dime Community Bancshares hits over one-year high after Raymond James upgrades to 'strong buy'
Updates
** Shares of regional lender Dime Community Bancshares DCOM.O jump as much as 12.3% hitting their highest in more than a year; last up 12.1% at $29.15
**Raymond James upgrades its rating on DCOM to"strong buy" from "outperform"; raises PT to $35 from $29, which represents a 34.6% upside to stock's last close
** Brokerage says deposit growth momentum and expectations for rate cuts by the U.S. Federal Reserve should drive a material improvement in DCOM's earnings next year
** Brokerage addsthat lower rates support a more favorable outlook for DCOM's more conservatively underwritten commercial real estate and multi-family loans
** Raymond James recently spoke with DCOM management, which indicated that deposit growth trends from recent hires remain intact; brokerage saysthat should support sustained net interest margin expansion
** Three of five brokerages rate the stock "buy" or higher and two "hold"; their median PT is $28 - LSEG
** As of last close, DCOM shares down 3.4% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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