UPDATE: Credit Suisse Initiates Associated Banc-Corp at Neutral

Credit Suisse initiated coverage on Associated Banc-Corp

with a Neutral rating and a $13 price target. Credit Suisse commented, "We are initiating coverage of Associated Banc-Corp with a Neutral rating based on our view that the turnaround story has been partly discounted and earnings improvement will be limited by margin pressure, lack of credit leverage, and ongoing reinvestment needs. The key will be the timing and magnitude of earnings accretion from leveraging excess capital." Associated Banc-Corp closed at $12.61 on Monday.