KBW Upgrades Susquehanna Bancshares (SUSQ) to Market Perform
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Keefe, Bruyette, and Woods upgrades Susquehanna Bancshares (NASDAQ: SUSQ) from Underperform to Market Perform with a $13 price target. The upgrade is based upon valuation.
The firm said, "SUSQ's concentration of C&D loans is still somewhat concerning but according to our stressed credit scenario, we view SUSQ as unlikely to have to raise equity capital. Given the current valuation of 67% of 1Q08 book value and 159% of tangible book value, we view Market Perform as the appropriate rating at this time."
Susquehanna Bancshares, Inc. is a financial holding company that provides a range of retail and commercial banking and financial services through its subsidiaries in the mid-Atlantic region.
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