Janney Montgomery Scott Upgrades Fulton Financial (FULT) to Buy; Asset Quality Issues Under Control
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- Janney Montgomery Scott Upgrades Fulton Financial (FULT) to Buy; Asset Quality Issues Under Control
Janney Montgomery Scott upgrades Fulton Financial (Nasdaq: FULT) to Buy. Price target increased from $6 to $10.
Janney analyst says, "We raise our rating to BUY because we believe asset quality problems are essentially under control and capital levels will continue to meet well-capitalized regulatory standards. Our belief in management is supported by the company's early recognition of credit-related problems, its willingness to rebuild loan loss reserves and charge-off loans, and their reluctance to take advantage of favorable market conditions to raise additional common equity. Although the stock price has jumped since second quarter 2009 earnings were announced, so has our confidence that the quality of the balance sheet has improved along with our willingness to recommend the stock based on a core earnings run rate, which we estimate to be around $0.90-$1.00 per share and achievable by 2011."
To see more analyst ratings on FULT Click Here.
Fulton Financial Corporation operates as a multi bank holding company that offers retail and commercial banking products and services in Pennsylvania, Delaware, Maryland, New Jersey, and Virginia.
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