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In a report published Thursday, Sterne Agee analyst Peyton Green downgraded the rating on Bank of the Ozarks
OZRK from Buy to Neutral.
In the report, Sterne Agee noted, “We are lowering our rating to Neutral from Buy as the current valuation of ~16x our 2014E EPS exceeds our previous price target of $43, or 15x our 2014E EPS. Our 2013E and 2014E EPS of $2.50 and $2.85, respectively, are unchanged and remain above consensus of $2.39 and $2.62. However, we believe that the current valuation takes into account: (1) solid organic loan growth, (2) accretion from the pending FNSE acquisition, and (3) above peer average profitability going forward.”
Bank of the Ozarks closed on Wednesday at $44.70.
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