ConnectOne Bancorp's Undervalued Status Persists, Analyst Sees 30% Upside Potential

ConnectOne Bancorp Shares Are Rarely This Cheap, Analyst Upgrades Stock and Price Target

A top-ranked analyst has upgraded their rating and price target for ConnectOne Bancorp (NASDAQ: CNOB), citing the company's strong financials and valuation as the main drivers. The analyst believes that the bank's shares are rarely this cheap and sees significant upside potential.

The analyst, who has a strong track record of accurately predicting stock price movements, upgraded their rating from "Hold" to "Buy" and increased their price target from $35 to $45. This represents a potential upside of over 28% from the current share price.

The analyst cited ConnectOne Bancorp's strong financials as the main reason for the upgrade. The company has consistently demonstrated strong earnings growth, with its most recent quarterly earnings report beating expectations. The analyst also noted that the bank's valuation is attractive, with a price-to-earnings ratio that is significantly lower than its peers.

"We believe ConnectOne Bancorp's shares are rarely this cheap and see significant upside potential," the analyst wrote in a research note. "The company's strong financials and attractive valuation make it an attractive investment opportunity at current levels."

The analyst's upgrade and price target increase are likely to be well-received by investors, who have been waiting for a catalyst to drive the stock higher. ConnectOne Bancorp's shares have been trading in a narrow range for several months, but the analyst's upgrade could provide the spark needed to break out to new highs.

Investors who have been waiting for a buying opportunity may want to consider taking a closer look at ConnectOne Bancorp's shares, which are trading at a discount to their historical average. The analyst's upgrade and price target increase suggest that the stock has significant upside potential, making it an attractive investment opportunity for those looking to add a high-quality bank to their portfolio.