Keefe, Bruyette and Woods Downgrades Old Second Bancorp (OSBC) to Underperform
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Keefe, Bruyette and Woods downgrades Old Second Bancorp, Inc. (Nasdaq: OSBC) to Underperform. Price target $15.
Keefe analyst says, "OSBC reported 3Q08 operating results of $0.30/share, $0.21 below our estimate. The miss was primarily due to a higher provision expense and lower-than-expected core fee income. Following 3Q results, we are lowering our 2008 estimate to $1.51 from $1.95 and our 2009 estimate to $1.50 from $2.05. Our TP falls to $15. We are downgrading to Underperform due to relative valuation and increased credit quality concerns."
Old Second Bancorp, Inc. conducts a full-service community banking and trust business through its wholly owned subsidiaries, which include The Old Second National Bank of Aurora (Old Second Bank), Old Second Bank-Yorkville and Old Second Bank-Kane County (the Banks).
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