Market Overview

UPDATE: FIG Partners Upgrades FirstMerit to Outperform

Related FMER
Baird Now Neutral On Huntington Bancshares Following 30% Surge Since January Lows
The Numbers That Matter For Each Big Bank This Quarter

FIG Partners raised its rating on FirstMerit (NASDAQ: FMER) from Market Perform to Outperform.

FIG Partners commented, "Since the CRBC deal was announced FMER shares are down ~ 17% while the major bank indexes have been relatively flat. We believe this pullback has presented a buying opportunity in FMER shares. Our $16 price target assumes FMER shares trade at ~ 12.5-13.0x our FY13 EPS estimate and ~ 1.55x tangible book value (TBV) one-year out factoring in the dilution from the CRBC transaction. Additionally with FMER shares currently yielding ~ 4.5% we believe this should give investors some added downside protection."

FirstMerit closed at $14.00 on Wednesday.

Latest Ratings for FMER

Apr 2016BarclaysMaintainsOverweight
Jan 2016RBC CapitalDowngradesOutperformSector Perform
Jan 2016Hovde GroupInitiates Coverage onMarket Perform

View More Analyst Ratings for FMER
View the Latest Analyst Ratings

Posted-In: FIG PartnersAnalyst Color Upgrades Intraday Update Analyst Ratings


Related Articles (FMER)

View Comments and Join the Discussion!