UPDATE: Sterne Agee Upgrades Fulton Financial to Buy, Reiterates $11.50 PT
In a report published Monday, Sterne Agee Group upgraded its rating on Fulton Financial Group (NASDAQ: FULT) to Buy and reiterated its $11.50 price target.
Sterne Agee noted, “We increase our recommendation on Fulton to Buy from Neutral and establish an $11.50 price target. In our view, the shares are attractively valued at 11.7x our revised 2013 estimate and 1.35x tangible book value. Street expectations are low in our view following a disappointing 2Q earnings release. Over the coming weeks and through Q3 earnings reporting season, we expect management will provide more clarity on expenses and could suggest a slightly more rosy outlook on loan growth.”
Fulton Financial Corp. closed on Friday at $10.06.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.