CVB Financial Corp. was upgraded by Credit Suisse Thursday after the investment firm said the bank holding company was looking financially strong. Shares jumped more than 12 percent early Thursday.
Analyst Todd Hagerman said in a research report that the Ontario-based retail bank has best-in-class credit quality and a well-positioned balance sheet that will provide solid earnings leverage.
“Credit quality remains pristine and the company’s residential construction exposure is… manageable,” Hagerman wrote.
Hagerman added that given CVB’s long-standing ranking as one of the most profitable and efficient community banks in the country, “a premium valuation is warranted.”
Shares in CVB shot up to $11.74 in early trading Thursday.