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UPDATE - Oppenheimer Downgraded Citizens Republic Bancorp (CRBC) to Perform; Valuation Call After Recent Run-up

April 30, 2012 9:07 AM EDT Send to a Friend
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Price: $22.69 --0%

Rating Summary:
    2 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 1 | Down: 0 | New: 0
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UPDATE - Oppenheimer downgraded Citizens Republic Bancorp (NASDAQ: CRBC) from Outperform to Perform.

Analyst, Terry McEvoy, said, "Citizens Republic has climbed out of the deep hole resulting from the real estate-heavy acquisition of Republic Bank in ’06 and the recessionary environment in Michigan. Profitability has returned and should continue. Issues with regulators have been resolved. Restoring the $300M DTA will boost tangible book value by ~$7.60/sh and was the big catalyst behind our recent positive view on CRBC. With the stock up 95% over the past year, we have decided to lower our rating to Perform and rescind our $15 price target. Citizens still holds $300M of TARP, making it difficult for us to raise our price target much above the current price."

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