Sterne Agee Maintains Neutral on IBERIABANK
Sterne Agee reiterates its Neutral rating on IBERIABANK (NASDAQ: IBKC) as it adjusts estimates on dampened profitability outlook through 2013.
Sterne Agee says, "Even though our revised 2012E and 2013E EPS of $2.80 (-$0.05) and $3.25 (-$0.45), respectively, reflect improvement from relatively weak 2011E EPS of $1.95 (raised from $1.90), growth initiatives will likely dampen profitability through 2013E. This is consistent with our previous view, as our 2012E EPS has tended to be below consensus consistently over the past two years. Over the past year, SALI (consensus) 2012E EPS dropped to $2.80 ($3.03) versus a peak near $3.25 ($3.75) in March 2011. Our 2013E EPS of $3.25remains below consensus of $3.47, which has dropped by ~$1 per share since 1Q11."
IBKC closed at $54.79 a share yesterday.
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