Compass Point Upgrades Huntington Bancshares (HBAN) to Buy Post Q4

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Compass Point upgraded Huntington Bancshares (NASDAQ: HBAN) from Neutral to Buy with a price target of $8.00 (from $6.00), post Q4 results.

The firm comments, "Concerns regarding NIM compression, NII decline, pressure from the mortgage banking segment and expense ratios appear more than priced into the stock and we expect core results to be repeatable. 4Q12 EPS of $0.19 beat consensus by $0.02 and the 2013 outlook improved. Driving the 4Q13 beat was stronger than expected NIM, loan growth and mortgage banking income. We estimate core EPS of $0.18, still $0.01 ahead of consensus. Our new $8 price target represents 12x our 2014 EPS estimates and a multiple of 1.08x YE14 our BVPS estimate of $7.39."


For an analyst ratings summary and ratings history on Huntington Bancshares click here. For more ratings news on Huntington Bancshares click here.

Shares of Huntington Bancshares closed at $7.00 yesterday, with a 52 week range of $5.49-$7.25.

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