Morgan Keegan Maintains Outperform on Iberia Bank

Morgan Keegan is out with its report today on Iberia Bank IBKC, maintaining Outperform. In its report, Morgan Keegan writes, "While shares sold-off following 2Q11 results (-20% QTD vs. -24% for the BKX), reflecting investor frustration with the impact on earnings from NIM volatility, at 1.2x YE11 TBV and 9.2x normalized EPS, IBKC offers an attractive entry point to play a rare growth story in the banking sector." Morgan Keegan maintains a $60 PT on IBKC. At the time of posting, shares of IBKC were trading at $46.95, up 1.80% from Monday's close.