UPDATE: FIG Partners Upgrades FirstMerit to Outperform on Pullback Post Acquisition Announcement

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FIG Partners raised its rating on FirstMerit (NASDAQ: FMER) from Market Perform to Outperform. FIG Partners commented, "Since the CRBC deal was announced FMER shares are down ~ 17% while the major bank indexes have been relatively flat. We believe this pullback has presented a buying opportunity in FMER shares. Our $16 price target assumes FMER shares trade at ~ 12.5-13.0x our FY13 EPS estimate and ~ 1.55x tangible book value (TBV) one-year out factoring in the dilution from the CRBC transaction. Additionally with FMER shares currently yielding ~ 4.5% we believe this should give investors some added downside protection." FirstMerit closed at $14.00 on Wednesday.

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