UPDATE: D.A. Davidson & Co. Initiates Coverage on Associated Banc-Corp as Heavy Lifting is Complete

In a report published Thursday, D.A. Davidson & Co. analyst Stephen Geyen initiated coverage on Associated Banc-Corp ASBC with a Neutral rating and $19.00 price target. In the report, D.A. Davidson & Co. noted, “Associated Bank has undergone a significant transformation since 2010 that has, in our view, dramatically changed its fundamentals across lending, credit and potentially its long term profitability. We think the stock appropriately discounts our expectations of efficiency improvement and loan growth. Not included in our model is the potential for an accretive acquisition. Without knowing if or when an acquisition may take place, we rate the stock NEUTRAL.” Associated Banc-Corp closed on Wednesday at $18.07.