UPDATE: D.A. Davidson Raises PT to $50 for Prosperity Bancshares
According to a research report this morning, D.A. Davidson raises its PT on Prosperity Bancshares (NYSE: PB) from $47 to $50 as 1Q12 resulted in revenue growth.
D.A. Davidson stated, “Our revised price target of $50 (from $47) represents a 14x multiple on our revised 2013 EPS estimate of $3.56. We think PB's pristine asset quality, ability to execute on its M&A strategy, and attractive Texas franchise is worthy of a premium multiple relative to the average 13x multiple of our mid-cap universe.”
Prosperity Bancshares closed Friday at $47.12 as D.A. Davidson maintains Neutral rating.
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