Wunderlich Securities Lowers Green Bankshares PT Following “Horrible” 3Q10 Loss

Wunderlich Securities says that it is downgrading its rating on shares of Green Bankshares, Inc.

to Sell from Hold, and the company is lowering its price target to $2.00 per share from $7.50, “although our new target price may ultimately prove to be somewhat generous.” “GRNB reported a horrible 3Q10 loss per share of $2.78, far worse than our $0.11 EPS estimate and the consensus loss per share estimate of $0.07,” Wunderlich Securities writes. “The company's asset quality metrics all deteriorated dramatically, resulting in a Texas Ratio of 114% at quarter end.” Green Bankshares currently trades for $6.47.