KBW Starts Tower Bancorp (TOBC) at Market Perform
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Keefe, Bruyette & Woods initiates coverage on Tower Bancorp Inc. (Nasdaq: TOBC) with a Market Perform rating and $28 price target.
The firm commented, "As a four-year-old de novo still in its infancy, the legacy Graystone franchise quickly reached breakeven, triggered its first acquisition (Tower Bancorp, Inc.) and holds top-tier performance aspirations in central Pennsylvania and northern Maryland. We initiate coverage at Market Perform partly based on valuation but acknowledge the significant growth opportunities that are available to a management team that seeks to replicate its experience at Waypoint Financial."
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