Janney Montgomery Scott Downgrades Yadkin Valley (YAVY) to Neutral
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Janney Montgomery Scott downgrades Yadkin Valley (Nasdaq: YAVY) from Buy to Neutral.
Janney analyst says, "We are lowering our rating on shares of Yadkin Valley to NEUTRAL from Buy based primarily on valuation. Further, we are lowering our 2008 and 2009 EPS estimates but maintaining our fair value estimate of $17.00. Since achieving a 52-week low closing price of $9.90 on July 2, 2008, shares of Yadkin Valley have increased 69.4%, versus an increase over the same period of 19.7% for the NASDAQ Bank Index. While we believe Yadkin Valley possesses overall favorable prospects relative to peers, the company is currently trading at 13.0x our 2009 EPS estimate (in line with our peer group) and 2.1x tangible book value at June 30, 2008 (a premium to our peer group). As such, we are lowering our rating to Neutral and await a more attractive entry point to recommend purchase of Yadkin Valley shares."
Yadkin Valley Financial Corporation (Yadkin) is a bank holding company that operates through its wholly owned subsidiary, Yadkin Valley Bank and Trust Company (the Bank).
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