UPDATE: Stifel Nicolaus Upgrades Lakeland Bancorp to Buy Following Share Pullback

Stifel Nicolaus raised its rating on Lakeland Bancorp (NASDAQ: LBAI) from Hold to Buy and established a $10.50 on shares.

Stifel Nicolaus commented, "We are raising shares of LBAI to Buy from Hold and initiating a $10.50 target price, implying potential total return of 16% (inclusive of a 2.6% dividend), given the 17% pullback in the shares during the past two weeks. Coming out of a strong 2Q12, we increased our earnings estimates for Lakeland to reflect better fee income and lower future provisioning. The company has continued to improve financial performance by aggressively managing NPAs, maintaining a low expense base, and following through on commercial loan growth initiatives."

Lakeland Bancorp closed at $9.29 on Thursday.

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