In a report published Wednesday, Sterne Agee Group reiterated its Buy rating on Investors Bancorp ISBC, and slightly raised its price target from $17.00 to $18.00.
Sterne Agee noted, “A second step conversion is now only 4-6 months away. We believe the company can bring a deal to market at 94%-98% of pro forma TBV. At the midpoint of this range, the shares continue to trade at a roughly 30 percentage point discount to peers. We expect this valuation gap will be gradually closed over the next 12-18 months. ISBC remains a top pick in our Northeast bank coverage. We increased our price target from $17 to $18 per share.”
Investors Bancorp closed on Tuesday at $15.99.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in