BUZZ-Hovde initiates coverage on Shore Bancshares with 'outperform' rating

Reuters11-19

BUZZ-Hovde initiates coverage on <a href="https://laohu8.com/S/SHBI">Shore Bancshares</a> with 'outperform' rating

** Regional lender Shore Bancshares' SHBI.O stock up 1.2% at $15.74 in morning trading

** Hovde initiates coverage on SHBI with an "outperform" rating; sets PT at $19, reflecting about 22.2% upside on the stock's last close

** Brokerage is optimistic about the company's improving fundamentals, strong positioning in Maryland and a clear shift toward organic growth

** "Greater Maryland market is wide-open for a Community banking franchise that SHBI represents...while having greater product depth than smaller, localized competitors," Hovde says

** 2 of the 3 brokerages rate the stock "strong buy" or "buy", 1 "hold"; median PT $18 - data compiled by LSEG

** Including session's moves, SHBI stock down ~0.8% YTD

(Reporting by Anuj T in Bengaluru)

((anuj.t@thomsonreuters.com))

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