UPDATE: Keefe, Bruyette & Woods Upgrades Huntington Bancshares to Outperform, Raises PT Following 2Q14 Results

In a report published Tuesday, Keefe, Bruyette & Woods analyst Christopher Mutascio upgraded the rating on

to Outperform, and raised the price target to $11.50. In the report, Keefe, Bruyette & Woods noted, “Based on the company's 2Q14 results reported late last week (see our Initial Look note), we are upgrading the shares to Outperform and raising our EPS estimates to $0.75, $0.81, $0.92 from $0.70, $0.77 and $0.85 for 2014, 2015, and 2016, respectively. Our target price has increased to $11.50 and represents a P/E multiple of 12.5x our revised 2016 EPS estimate.” Huntington Bancshares closed on Monday at $9.74.