Amalgamated Financial rises as Raymond James starts coverage at 'outperform'

** U.S. bank Amalgamated Financial AMAL.O shares rise 1.8% to $48.99 in light premarket volumes

** Raymond James initiates coverage of AMAL with "outperform" rating and $55 PT, a 14% upside to last close

** Brokerage says AMAL's low-cost deposit franchise should support continued earnings growth and strong profitability

** Adds that ongoing investments in technology and seasoned commercial banker hires should support AMAL's organic growth capacity

** "We believe shares are attractively valued given above-peer profitability and strong organic growth outlook," Raymond James analyst Steve Moss says

** As of last close, AMAL stock up 50.3% YTD