UPDATE: Keefe Bruyette & Woods Upgrades Trustmark Corporation to Market Perform Post BRFG Deal
Keefe Bruyette & Woods raises its rating on Trustmark Corporation (NASDAQ: TRMK) from Underperform to Market Perform and lifts its price target up from $22 to $24.
Keefe Bruyette & Woods notes, "- TRMK announced the acquisition of BTFG for $105M for all common and to redeem BTFG's TARP. We estimate that deal could dilute TRMKs TBV by 11% (including TRMK shares issued). We raised our '13 EPS estimate $0.20 to $2.00, to reflect the deal and with the increase cash flow; we raised our Target Price $2 to $24; we also raised our rating to Market Perform from Underperform."
TRMK closed at $24.42 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.