Boenning & Scattergood Downgrades National Penn Bancshares (NPBC) to Market Perform
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Boenning & Scattergood downgrades National Penn Bancshares (Nasdaq: NPBC) from Market Outperform to Market Perform.
The Firm's analyst, Jason O'Connell, says, "Declining oil prices, an improved interest rate outlook, and speculation regarding a potential bank market bottom have driven industry valuations and NPBC stock markedly higher from their mid July lows. The NASDAQ Bank Index and NPBC shares have appreciated by more than 30% since mid July. As a result of this rapid advance higher, and the modest return potential implied by our previous target price of $16.00, we are downgrading shares of NPBC to Market Perform from Market Outperform."
National Penn Bancshares, Inc. (National Penn) is a bank holding company providing a range of financial services, principally through its national bank subsidiary, National Penn Bank (NPB), including its KNBT Division acquired through a merger with KNBT Bancorp, Inc. (KNBT).
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