UPDATE: Sterne Agee Lowers PT on Old National Bancorp to $13
Sterne Agee is out with its report today on Old National Bancorp (NYSE: ONB), lowering its PT from $14 to $13.
In its report, Sterne Agee writes, "We note ONB shares have traded in-line with peers and are down 19% YTD despite two accretive deals, two upside surprises and a 20%+ upward revision to the 2012 mean estimate. We believe investors should capitalize on the indiscriminate selling, and we expect combined results to be a catalyst for the stock. We are trimming our target $1 to $13 (13.0x 2012E) due to slightly lower estimates and market multiples."
At the time of posting, shares of ONB were trading at $9.42, down 1.98% from Wednesday's close.
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