UPDATE: FIG Partners Reiterates Market Perform Rating, Raises PT on Bank of Marin Bancorp on Earnings Growth Opportunity

In a report published Wednesday, FIG Partners analyst Timothy Coffey reiterated a Market Perform rating on Bank of Marin Bancorp BMRC, and raised the price target from $41.50 to $45.00. In the report, FIG Partners noted, “We are maintaining our rating on BMRC-Bank of Marin Bancorp at ‘Market-Perform' and raising our price target to $45.00 (from $41.50). Our new price target is equivalent to 14.2x forward Core EPS ($3.17) and 153% of forward tangible book value ($29.48). We anticipate the stock to trade at a modestly higher multiple to earnings due to the potential EPS accretion from the recent acquisition of NCLC-NorCal Community Bancorp. We are revising our EPS estimates to $0.81 for 2Q-13 (unchanged), $2.73 for 2013 (from $3.30) and $2.98 for 2014 (from $3.06). The majority of the estimate differential reflects one-time M&A expenses (spread over 4Q-13 and 1Q-14) that when excluded result in forward Core EPS of $3.17 (compared to our previous estimate of $3.19) and $3.27 in 2014 (from $3.06).” Bank of Marin Bancorp closed on Tuesday at $41.80.