UPDATE: Stifel Nicolaus Raises PT to $14 on Cardinal Financial Corporation on Mortgage-Driven Upside
Stifel Nicolaus reiterated its Buy rating on Cardinal Financial Corporation (NASDAQ: CFNL) and raised its price target from $13 to $14.
Stifel Nicolaus commented, "FY12E gaps materially higher to $1.20 from $0.97 (+24%) primarily on raised mortgage banking in addition to a raised earning asset forecast (HFI and HFS driven) that more than offsets a lowered FY12 NIM outlook to 3.55% from 3.66%. FY13E also gaps materially higher to $1.02 from $0.90 (+13%) also predominantly on mortgage banking followed by a raised spread forecast that is loan driven that offsets lowered projected NIM. Importantly, elevated other low yielding asset deployment could serve as a lever to show higher NIM."
Cardinal Financial Corporation closed at $13.00 on Wednesday.
Latest Ratings for CFNL
|Nov 2016||Boenning & Scattergood||Downgrades||Neutral||Underperform|
|Aug 2016||Keefe Bruyette & Woods||Downgrades||Outperform||Market Perform|
|Aug 2016||Raymond James||Downgrades||Outperform||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.