UPDATE: D.A. Davidson & Co. Upgrades CU Bancorp, Believes Cost Savings Will Drive EPS Accretion
In a research note released Monday, D.A. Davidson & Co. analyst Gary P. Tenner upgraded CU Bancorp (NYSE: CUNB) to Buy and set the price target at $22.00.
CU Bancorp is acquiring 1st Enterprise Bank for $103.4 million; D.A. Davidson believes that this adds scale and drives profitability metrics. The deal is a 100 percent stock transaction with FENB shareholders, who will be receiving 1.345 shares of CU Bancorp.
Additionally, the firm believes that cost savings will drive earnings per share accretion.
Shares of CU Bancorp are neutral at $1851 on Wednesday.
Latest Ratings for CUNB
|Nov 2016||Keefe Bruyette & Woods||Upgrades||Market Perform||Outperform|
|Feb 2016||Fig Partners||Upgrades||Market Perform||Outperform|
|Oct 2015||Hovde Group||Downgrades||Outperform||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.