In a report published on Wednesday, Sterne Agee analyst Matthew Kelley raised the price target on Investors Bancorp ISBC from $21 to $24 and maintained a Buy rating.
In the report, Sterne Agee stated, "The ongoing rally in bank stocks and expansion of valuations have forced us to re-visit where the company can bring a second step conversion to market. We now believe the company can price a deal in the 100% -106% of tangible book value (TBV) range, up from 98% -102% previously. A second step announcement is now likely over the next 2-3 months, in our view.:
Investors Bancorp closed on Tuesday at $22.43.
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