UPDATE: Keefe, Bruyette & Woods Upgrades Lakeland Bancorp to Outperform, Raises PT as Recent Underperformance is Overdone

In a report published Tuesday, Keefe, Bruyette & Woods analyst Travis Lan upgraded the rating on

from Market Perform to Outperform, and raised the price target from $12.00 to $13.00. In the report, Keefe, Bruyette & Woods noted, “We are adjusting 2014 EPS to $0.85 from $0.86 reflecting this quarter's penny miss (snow and audit expenses), and maintaining our 2015 EPS estimate of $0.95. We are upgrading LBAI to Outperform from Market Perform and increasing our target price to $13.00 from $12.00 as Lakeland has largely answered our expense and growth concerns coming into the quarter.” Lakeland Bancorp closed on Monday at $10.47.