UPDATE: FIG Partners Downgrades FirstMerit Corporation to Market Perform on Price Appreciation
FIG Partners downgraded FirstMerit Corporation (NASDAQ: FMER) from Outperform to Market Perform and announced a $16.00 price target.
FIG Partners commented, "We are lowering our investment rating on FMER to ‘Market-Perform' based on recent price appreciation. The stock is up ~ 10% since being upgraded in October. This outperforms the three major bank indexes. … Taking the 4th quarter results into account we are lowering our 2013 EPS estimate by $0.05 to $1.20. This adjustment primarily reflects our expectations for a lower margin and lower net interest income. Additionally, we are initiating our 2014 EPS estimate at $1.37 per share. This reflects the first full-year of the combined Company."
FirstMerit Corporation closed at $15.42 on Tuesday.
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