Morgan Keegan Maintains Outperform on Iberia Bank
Morgan Keegan is out with its report today on Iberia Bank (NASDAQ: 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.
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