Sandler O'Neill Upgrades Horizon Bancorp (HBNC) to Buy

April 27, 2009 10:54 AM EDT

Sandler O'Neill Upgrades Horizon Bancorp (Nasdaq: HBNC) from Hold to Buy.

The upgrade follows Horizon's Q1 earnings released Friday morning. The company reported EPS of $0.70, which compares to the analyst estimate of $0.46. Shares of Horizon Bancorp rallied more than 8.5% on the news.

Horizon Bancorp operates as a holding company for Horizon Bank, N.A. that provides commercial and retail banking products and services in northwestern Indiana and southwestern Michigan.


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