Raymond James upgrades Reliant Bancorp to 'outperform' on positive outlook

Raymond James analyst Ammar Samma upgraded Brentwood, Tenn.-based Reliant Bancorp Inc. to "outperform" from "market perform" after a slew of investor meetings provided increased confidence and clarity along with positive business updates.

The discussions in the investor meetings were centered around technology/digital offerings, rationalizing the branch network and the company's growth strategy.

"Ultimately, it is becoming increasingly clear that Reliant is taking all the right steps during this still-uncertain environment, and appears poised to capitalize as the dust from the pandemic begins to settle (both through organic growth and potential M&A)," the analyst wrote.

The analyst established a price target of $30. The non-GAAP EPS estimates for 2021 and 2022 were raised to $2.45 and $2.30 from $2.00 and $2.05, respectively.