UPDATE: Oppenheimer Upgrades Signature Bank on Established Growth Model
In a report published on Monday, Oppenheimer analyst Terry McEvoy upgraded Signature Bank (NASDAQ: SBNY) from Perform to Outperform and set a $100 price target.
In the report, Oppenheimer stated, "Signature has an established growth banking model that is truly unique in today's environment. The increase in rates should be beneficial to the company's near- to mid-term earnings power in light of Signature's balance sheet and business mix. Fears about the growing competitive environment in and around New York from old and new competitors appear overblown, and we note the recent hiring of new bankers. The build-out of a Specialized Lending group is gaining leverage and has diversified the loan portfolio. Taking a more constructive view on Signature's NIM, we are raising our '13 and '14 estimates."
Signature Bank closed on Monday at $87.84.
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