Market Overview

UPDATE: Sterne Agee Upgrades OceanFirst Financial to Buy on Valuation

Share:
Related OCFC
Stocks Hitting 52-Week Highs
Events for the Week of Jul. 28th to Aug. 1st

Sterne Agee raised its rating on OceanFirst Financial (NASDAQ: OCFC) from Neutral to Buy with a new $14.50 price target.

Sterne Agee commented, "We are upgrading shares of OceanFirst to Buy with a $14.50 price target. After conversations with management, we believe shares have been unduly punished for their exposure to Hurricane Sandy. In our opinion, the company will experience elevated provision and charge-off levels, but these will not have negative impacts to tangible book value. Overall, we believe OCFC is a quality franchise, undervalued both fundamentally and on a terminal basis."

OceanFirst Financial closed at $12.74 on Friday.

Latest Ratings for OCFC

DateFirmActionFromTo
Jan 2016Keefe Bruyette & WoodsMaintainsOutperform
Oct 2015Keefe Bruyette & WoodsMaintainsOutperform
Jan 2015Keefe Bruyette & WoodsMaintainsOutperform

View More Analyst Ratings for OCFC
View the Latest Analyst Ratings

Posted-In: Sterne AgeeAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (OCFC)

View Comments and Join the Discussion!