UPDATE: BMO Capital Markets Upgrades Sterling Bancorp to Market Perform, Reiterates $10 PT

In a report published Wednesday, BMO Capital Markets upgraded its rating on Sterling Bancorp

from Underperform to Market Perform, and reiterated its $10.00 price target. BMO Capital Markets noted, “We are upgrading STL to Market Perform (from Underperform). Our one year price target of $10 is based on a target P/TBV multiple of 1.3x our year-end 2013 TBV estimate. In our view, STL remains a top takeover candidate given its scarcity value in the NYC commercial banking market.” Sterling Bancorp closed on Tuesday at $8.62.