** Brokerage DA Davidson initiates coverage on lender CNB Financial Corp CCNE.O with a "neutral" rating and $34 PT

** CCNE operates a unique business model with separately branded regional divisions all under a single charter, brokerage says

** Adds, M&A has historically been a driver of growth, but not exclusively, as CCNE has also launched several branded banks in markets perceived to need a community bank alternative

** Two of three analysts rate stock "strong buy" or "buy" and one "hold"; their median PT is $35 - data compiled by LSEG

** Including session's move, stock up 16.1% YTD