Wunderlich Securities Lowers Green Bankshares PT Following “Horrible” 3Q10 Loss

Wunderlich Securities says that it is downgrading its rating on shares of Green Bankshares, Inc. (NASDAQ:

) to Sell from Hold, and the company is lowering its price target to $2.00 per share from $7.50, “although our new target price may ultimately prove to be somewhat generous.” “GRNB reported a horrible 3Q10 loss per share of $2.78, far worse than our $0.11 EPS estimate and the consensus loss per share estimate of $0.07,” Wunderlich Securities writes. “The company's asset quality metrics all deteriorated dramatically, resulting in a Texas Ratio of 114% at quarter end.” Green Bankshares currently trades for $6.47.