UPDATE: Raymond James Upgrades Signature Bank On Improved Outlook And Valuation

In a report published Friday, Raymond James analyst Anthony Polini upgraded the rating on Signature Bank SBNY from Outperform to Strong Buy, and reiterated the $136.00 price target. In the report, Raymond James noted, “We are upgrading shares of SBNY to Strong Buy from Outperform given the recent price pullback and positive comments by management. Signature Bank is a bona fide growth story that continues to deliver strong profitability (ROA of 1.18% and ROE of 13.40%) and superior top-line growth. After 2Q14 results were posted on July 22, 2014, we increased 2014E and 2015E EPS by $0.04 to $5.76 and $6.52, respectively, to reflect yet another EPS beat and an improved outlook for net interest income growth and provision.” Signature Bank closed on Thursday at $114.39.