Boenning & Scattergood Upgrades Citizens Republic Bancorp (CRBC) to Outperform; On the Path to TARP Redemption

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CRBC Hot Sheet

Rating Summary:
2 Buy, 1 Hold, 0 Sell

Rating Trend:

Up

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

Boenning & Scattergood upgraded Citizens Republic Bancorp (NASDAQ: CRBC) from Neutral to Outperform with a price target of $14.00.

Boenning analyst said, "Since reporting financial results on October 27, CRBC shares appreciated 12% while the SNL U.S. Bank & Thrift Index declined 15%. The significant out-performance observed was a function of, in our opinion, materially better-than-projected core earnings for 3Q11 and greater optimism regarding the potential re-recognition of the DTA. Despite the stock’s strong performance recently, we believe substantial upside potential still remains. Our assertion is predicated on several key developments we expect to unfold in 2012, including, most notably, a reduction in the valuation allowance established against the DTA and the redemption of CPP preferred stock. Although the latter should require a common equity capital raise, we believe the size of the raise will likely be less than what many are anticipating."

For an analyst ratings summary and ratings history on Citizens Republic Bancorp click here. For more ratings news on Citizens Republic Bancorp click here.

Shares of Citizens Republic Bancorp closed at $9.84 yesterday, with a 52 week range of $0.55-$10.50.

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