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Sterne Agee Reiterates Buy Rating, $15 PT on Old National Bancorp

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In a report published Friday, Sterne Agee Group reiterated its Buy rating and $15.00 price target on Old National Bancorp (NYSE: ONB).

Sterne Agee noted, “We view the recent pull-back as excessive with shares ~15% off recent highs (~8.0% for peers) due to skepticism on expense reduction efforts and the accretion-boosted NIM. We continue to believe pressure on the core NIM will be manageable and that expense reductions will offset declining accretion income. We also view ONB's high fee income/revenues (38%), potential for M&A-driven growth, and low ‘fiscal cliff' exposure footprint as advantages in 2013.”

Old National Bancorp closed on Thursday at $11.74.

Latest Ratings for ONB

DateFirmActionFromTo
Apr 2014JefferiesMaintainsHold
Apr 2014SunTrust Robinson HumphreyMaintainsNeutral
Apr 2014Sandler O'NeillDowngradesBuyHold

View More Analyst Ratings for ONB
View the Latest Analyst Ratings

Posted-In: Sterne Agee GroupAnalyst Color Reiteration Analyst Ratings

 

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