UPDATE: Hilliard Lyons Upgrades Summit State Bank to Long-Term Buy on Outlook, Valuation
Hilliard Lyons raised its rating on Summit State Bank (NASDAQ: SSBI) from Neutral to Long-term Buy and increased its price target to $8.
Hilliard Lyons noted, "With the stock price up 7% in the last month we feel late to the party, but our job is to assess a stock's worth at a given point in time. From here Hilliard Lyons believes SSBI is attractively priced. The above average indicated dividend appears secure in light of the bank's healthy capital level and the board's persistent declarations through the financial crisis. Potentially strong core earnings growth next year could warrant a higher valuation, pushing the price per share to our target of $8."
Summit State Bank closed at $6.91 on Monday.
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