Jefferies Cuts Price Target on Signature Bank (SBNY) Following Investor Lunch
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Jefferies maintained a Buy rating on Signature Bank (NASDAQ: SBNY), and cut the price target to $149.00 (from $150.00), following an investor lunch with management.
Analyst Casey Haire commented, "Nearterm growth dynamics remain robust with loans up over $1b QTD and a strong pipeline for 4Q, but mgmt. pointed to moderating growth in 2017 given lighter CRE refi volumes. In order to offset slower CRE growth, mgmt. is pushing harder on C&I noting that the rise in the front-end of the curve has made the asset class more attractive. Mgmt. conceded competition is more fierce vs. CRE, but C&I growth has been stronger in 3Q vs. 2Q. No sign of a slowdown on the deposit front (also up over $1b QTD) and the outlook for hiring remains strong. Accordingly, our balance sheet growth forecast is revised only slightly lower, but the weaker loan growth takes a dime from our 2017 estimate (now $9.30)."
Shares of Signature Bank closed at $118.78 yesterday.
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