UPDATE: Deutsche Bank Reduces PT to $70 on Signature Bank on Loan, Deposit Growth
Deutsche Bank reiterates its Buy rating on Signature Bank (NASDAQ: SBNY)
Deutsche Bank notes, "Positive takeaways from meeting. (1) We expect loan growth trends to remain strong in 2Q12, reflecting healthy refinance activity in the multifamily/CRE arena, affording SBNY ample loan growth opportunities. Management remains satisfied with the ramp-up within Signature Financial. (2) We expect deposit growth will remain healthy despite strong competition in the institutional MMA arena. We continue to view the stock as one of our top picks in our coverage."
SBNY closed at $59.42 on Thursday.
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