Wunderlich Reiterates Buy On Bank of Marin Bancorp

Wunderlich Securities is out with a research report on Bank of Marin Bancorp

and is reiterating its Buy rating and $42 price target on shares. In a note to clients, Wunderlich Securities writes, "We reiterate our Buy rating on shares of Bank of Marin Bancorp (

) as well as our $42 price target. BMRC reported 2Q11 operating EPS of $0.71, which was $0.02 below consensus and $0.06 below our estimate. BMRC's acquisition of Charter Oak Bank in 1Q11 contributed to record earnings in the first quarter and somewhat noisy results in 2Q. Although credit costs increased in the quarter, overall credit quality remained among the strongest of all banks in our research universe. We believe that current levels understate the value of BMRC's strong management team and low-risk credit profile, hence our Buy rating." Shares of BMRC closed at $37.00 yesterday.