UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Signature Bank
In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Signature Bank (NASDAQ: SBNY), and raised its price target from $77.00 to $80.00.
Jefferies noted, “We raise our 2013 EPS estimate $0.15 to $4.40 to account for the higher NIM starting point in 3Q. Although NIM compression is inevitable going forward, loan growth is strong enough to outrun it and carry spread revenues higher. At 16x 2013 EPS, valuation is not cheap, but we are willing to pay up with the newly-formed Signature Financial growth story still in the early innings.”
Signature Bank closed on Tuesday at $69.85.
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