Raymond James has initiated coverage of Peapack-Gladstone Financial Corporation (PGC, Financial) with a "Strong Buy" recommendation and set a price target of $39. The financial services firm's decision reflects its optimism about the company's strategic transformation efforts aimed at enhancing profitability and increasing the franchise's value, changes which have yet to be fully represented in its current valuation.
The firm acknowledges a dip in Peapack-Gladstone's asset quality over recent years but notes that the impact on losses has been minimal. This resilience is attributed to the bank's multifamily loan portfolio, which is expected to maintain its stability, thereby supporting a favorable future outlook.
Raymond James anticipates meaningful appreciation in Peapack-Gladstone's stock valuation over time. This positive forecast is backed by expectations of an improving earnings trajectory and a strengthened core deposit base. Investors are advised that the bank's strategic adjustments will likely bolster its financial standing and drive future growth.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 3 analysts, the average target price for Peapack Gladstone Financial Corp (PGC, Financial) is $36.00 with a high estimate of $40.00 and a low estimate of $33.00. The average target implies an upside of 46.10% from the current price of $24.64. More detailed estimate data can be found on the Peapack Gladstone Financial Corp (PGC) Forecast page.
Based on the consensus recommendation from 3 brokerage firms, Peapack Gladstone Financial Corp's (PGC, Financial) average brokerage recommendation is currently 1.7, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Peapack Gladstone Financial Corp (PGC, Financial) in one year is $37.99, suggesting a upside of 54.18% from the current price of $24.64. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Peapack Gladstone Financial Corp (PGC) Summary page.
