UPDATE: D.A. Davidson & Co. Initiates Coverage on German American Bancorp with Neutral Rating, $27 PT on Good Market Position

In a report published Thursday, D.A. Davidson & Co. analyst Stephen Geyen initiated coverage on German American Bancorp GABC with a Neutral rating and $27.00 price target. In the report, D.A. Davidson & Co. noted, “Initiating coverage with a NEUTRAL rating and $27 price target; we think GABC is well-positioned from a competitive perspective across southern Indiana as new lenders with established relationships gain market share. With solid asset quality and sufficient balance sheet capacity we think GABC should be able to capture incremental lending opportunities by taking market share from other banks.” German American Bancorp closed on Wednesday at $26.41.