Sterne Agee Reiterates Buy Rating, $15 PT on Old National Bancorp
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
|Aug 2016||Hovde Group||Initiates Coverage on||Market Perform|
|Aug 2016||Keefe Bruyette & Woods||Maintains||Market Perform|
|Jul 2016||Piper Jaffray||Initiates Coverage on||Neutral|
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