Piper Jaffray Upgrades First Interstate Bancsystems (FIBK) to Overweight

Piper Jaffray upgraded First Interstate Bancsystems (NASDAQ: FIBK) from Neutral to Overweight with a price target of $33.00 (from $30.00).

Analyst Matthew Clark commented, "We are using the recent pullback in FIBK to upgrade the shares to Overweight (from Neutral) coming off a strong 2Q with loan growth, margin and fees exceeding expectations. We also favor the pending change in leadership that is likely to come with a more proactive capital management strategy as CEO Elect Kevin Riley takes the helm. Finally, we expect the 3-turn multiple discount to its direct competitor (GBCI) to narrow as FIBK pulls levers to improve profitability and M&A becomes a line of business as well."

For an analyst ratings summary and ratings history on First Interstate Bancsystems click here. For more ratings news on First Interstate Bancsystems click here.

Shares of First Interstate Bancsystems closed at $27.35 yesterday.

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