Piper Sandler analyst Frank Schiraldi has revised down the price target for Chemung Financial (CHMG, Financial) from $54 to $50. This adjustment comes in response to a decline in valuations among industry peers. Despite this, Schiraldi maintains a Neutral stance on the stock.
Interestingly, Chemung Financial recently reported core earnings per share (EPS) that exceeded expectations. The positive earnings surprise was mainly attributed to lower-than-anticipated operating costs. In light of these results, Piper Sandler has modestly increased its estimates for the company.
