Keefe, Bruyette and Woods Downgrades Sovereign Bancorp (SOV) to Market Perform
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Keefe, Bruyette and Woods downgrades Sovereign Bancorp (NYSE: SOV) from Outperform to Market Perform.
Keefe analyst says, "We are downgrading the shares of SOV to Market Perform from Outperform due to the definitive agreement for Santander to purchase SOV for approximately $1.9 billion. Based on the deal terms, we are lowering our price target to $4.00 from $11.00 per share."
Sovereign Bancorp, Inc. (Sovereign) serves as the parent company of Sovereign Bank (the Bank), a federally chartered savings bank. Sovereign had approximately 750 community banking offices, over 2,300 automated teller machines (ATMs), with principal markets in the Northeastern United States.
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