UPDATE: Keefe, Bruyette & Woods Terminates Coverage on Center Bancorp Ahead of ConnectOne Merger

In a report published Tuesday, Keefe, Bruyette & Woods analyst Travis Lan terminated coverage on Center Bancorp CNBC. In the report, Keefe, Bruyette & Woods noted, “Following the acquisition of ConnectOne which is expected to close on July 1, the combined company will revert to the CNOB ticker and ConnectOne name. As such, we are dropping coverage of Center Bancorp (CNBC). As Center was the legal and accounting acquirer in the deal, our legacy Center financials and model will be transferred to the CNOB ticker. Our final rating and price target on legacy Center Bancorp were Outperform and $23.00, respectively. While the combined company's ticker will adjust to CNOB, our Outperform rating and $23.00 target will remain valid for the combined company.” Center Bancorp closed on Monday at $19.23.