UPDATE: J.P. Morgan Raises Signature Bank's PT
According to a research report published this morning, J.P. Morgan has increased Signature Bank's (NASDAQ: SBNY) PT from $70 to $73.
In the report, J.P. Morgan commented, " SBNY reported core EPS of $0.91, which was ahead of our and the consensus estimate of $0.86. Although growth metrics are best in class versus what has been reported from peer banks this quarter, with the market seeming to have now grown accustomed to very strong balance sheet growth out of the company, for a second quarter in a row we find SBNY shares as lagging peers on the day of earnings being reported. With the "beat and raise” story at SBNY largely now played out, for the great company to also remain what has been a great stock over the past several years, we believe the timing could not have been better for the announced expansion into the niche specialty finance area."
J.P. Morgan maintains its Overweight rating on Signature Bank, which closed yesterday at $64.03.
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