Piper Sandler Initiates Coverage on Avidbank (NASDAQ:AVBH)

Key Points

• Piper Sandler has reaffirmed Avidbank's (NASDAQ:AVBH) "overweight" rating, setting a target price of $31.00, which suggests a potential upside of 23.51% from its current price.
• Avidbank's shares opened at $25.10 and have shown fluctuation with a 12 month low of $19.32 and a high of $26.59.
• The company reported earnings of $0.75 EPS for the last quarter, matching consensus estimates, with revenues of $21.83 million.

Equities researchers at Piper Sandler assumed coverage on shares of Avidbank (NASDAQ:AVBH - Get Free Report) in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage set an "overweight" rating and a $31.00 price target on the stock. Piper Sandler's price objective would indicate a potential upside of 23.75% from the stock's previous close.

Avidbank Stock Down 0.8%

AVBH traded down $0.20 during trading hours on Tuesday, reaching $25.05. 16,699 shares of the company's stock traded hands, compared to its average volume of 66,612. Avidbank has a 52-week low of $19.32 and a 52-week high of $26.59. The stock has a market cap of $263.53 million, a P/E ratio of 8.16 and a beta of 0.59.

Avidbank (NASDAQ:AVBH - Get Free Report) last issued its earnings results on Monday, August 25th. The company reported $0.75 earnings per share for the quarter, hitting the consensus estimate of $0.75. The firm had revenue of $21.83 million during the quarter.

Avidbank Company Profile

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