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

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In a report published Wednesday, BMO Capital Markets upgraded its rating on Sterling Bancorp (NYSE: STL) 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.

Latest Ratings for STL

DateFirmActionFromTo
Jul 2014JefferiesInitiates Coverage onBuy
Jul 2014Raymond JamesInitiates Coverage onOutperform
Jun 2014Guggenheim SecuritiesInitiates Coverage onBuy

View More Analyst Ratings for STL
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Upgrades Analyst Ratings

 

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