DA Davidson Upgrades Eagle Bancorp Montana (EBMT) to Buy; Expanding Throughout Southern Montana

July 3, 2012 9:40 AM EDT
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Price: $19.35 --0%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 9 | New: 1
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DA Davidson upgraded Eagle Bancorp Montana (NASDAQ: EBMT) from Neutral to Buy with a price target of $13.00 (from $11.00).

Analyst, Jeff Rulis, said, "Eagle Bancorp announced the signing of a definitive agreement to purchase seven branch locations from Sterling Savings Bank, a subsidiary of Sterling Financial Corp. (Nasdaq: STSA)(BUY), significantly expanding its footprint throughout Southern Montana...The transaction is accretive to our EPS projections, despite a $0.02 reduction in fiscal 2012 EPS (from $0.57 to $0.55) due to upfront acquisition costs. We are raising our fiscal 2013 and 2014 EPS estimates from $0.65 and $0.75 to $0.80 and $1.15, respectively."

For an analyst ratings summary and ratings history on Eagle Bancorp Montana click here. For more ratings news on Eagle Bancorp Montana click here.

Shares of Eagle Bancorp Montana closed at $10.09 yesterday.

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