UPDATE: Sterne Agee Upgrades Investors Bancorp to Buy Following Sell-Off
Sterne Agee raised its rating on Investors Bancorp (NASDAQ: ISBC) from Neutral to Buy with a $19 price target.
Sterne Agee noted, "After a recent sell-off, we are upgrading Investors Bancorp to Buy from Neutral. Over the last month, the shares are down 10.4%, compared to the NASDAQ Bank index which is down 5.6%. … - In our view, the company will ultimately be able to bring a deal to market at a price to fully converted TBV range of 94%-98%, down slightly from our prior commentary of "at or slightly above fully converted TBV." An offering in this area would produce fully converted TBVs in current terms of $16.87-$17.60 per share based on 12/31/12 balance sheet data."
Investors Bancorp closed at $16.29 on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.