UPDATE: Sterne Agee Upgrades Susquehanna Bancshares on Potential Upside Catalysts

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In a report published Tuesday, Sterne Agee analyst Matthew Kelley upgraded the rating on

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Susquehanna Bancshares

(NASDAQ: SUSQ) from Neutral to Buy, and named a $13.50 price target.In the report, Sterne Agee noted, “After lowered earnings guidance last week, SUSQ shares have meaningfully underperformed regional bank peers. With the bar set much lower on the earnings front and the shares now trading at a two multiple discount to peers, we are upgrading to Buy. Potential upside catalysts include a new round of cost cutting, additional credit leverage, and more active capital management in 2015. While SUSQ is now trading at a discount on P/E metrics, we project above-average returns on tangible capital.”Susquehanna Bancshares closed on Monday at $11.80.