UPDATE: Sterne Agee Upgrades OceanFirst Financial Corp. to Buy, Names $17 PT Following Management Meetings

In a report published Thursday, Sterne Agee analyst Matthew Breese upgraded the rating on OceanFirst Financial Corp. OCFC from Neutral to Buy, and named a $17.00 price target. In the report, Sterne Agee noted, “We are upgrading shares of OCFC to Buy from Neutral with a $17 price target. After a day with management, we believe OCFC is in the midst of transition, both from a balance sheet and management perspective. During our day, new COO Chris Maher outlined specific profitability goals and noted that the company would consider strategic alternatives if such goals were not met. In a sale we believe shares could be worth $20-$21 per share. Our $17.00 price target equates to 136% of forward TBV.” OceanFirst Financial Corp. closed on Thursday at $14.55.