Wedbush Starts Huntington Bancshares (HBAN) at Outperform
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Wedbush initiates coverage on Huntington Bancshares (NASDAQ: HBAN) with a Outperform rating and a price target of $12.00.
Analyst Peter Winter commented, "HBAN trades at the second lowest P/E multiple in our bank group at 11.0x vs. the regional bank peers at 12.5x based on 2017 EPS estimates. The discount reflects the integration risk of its acquisition of FirstMerit (FMER), which closed on August 16. If HBAN can successfully integrate FMER, it is expected to increase its profitability metrics (ROTCE and efficiency ratio) to well above peer averages and boost EPS growth in line with the group average, which should help close the valuation gap."
Shares of Huntington Bancshares closed at $10.16 yesterday.
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