Keefe, Bruyette and Woods Upgrades Macatawa Bank (MCBC) to Market Perform
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Keefe, Bruyette and Woods upgrades Macatawa Bank (Nasdaq: MCBC) from Underperform to Market Perform. Price target $6.
Keefe analyst says, "We recently moved our position on the large-cap banks to market weight from under weight due to the positive impact of the TARP program's offer to make $125 billion of direct preferred investments. We are extending this position to the SMID group. In our view, valuation of the SMID group isn't cheap, and we expect loan losses to continue to move higher. However, we believe that capital infusion, debt guarantees and greater FDIC insurance lower the downside risk."
Macatawa Bank Corporation (Macatawa) is a financial holding company and the bank holding company for its wholly owned banking subsidiary, Macatawa Bank (the Bank), as well as Macatawa Investment Services, Inc., Macatawa Statutory Trust I and Macatawa Statutory Trust II.
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