Keefe, Bruyette and Woods Upgrades Old Second Bancorp (OSBC) to Market Perform
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Keefe, Bruyette and Woods upgrades Old Second Bancorp, Inc. (Nasdaq: OSBC) from Underperform to Market Perform. Price target $4.
Keefe analyst says, "We are upgrading the shares of OSBC to MP from UP due to valuation, as the shares have declined materially and currently trade at a slight discount to peers at 0.4x TBV. Despite our upgrade, we remain cautious given the company's construction and development exposure and relatively thin TCE ratio. We are lowering our 2009 and 2010 estimates due to a higher credit cost forecast and reducing our price target."
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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