Morgan Stanley Upgrades Signature Bank (SBNY) to Overweight

Morgan Stanley analyst Ken Zerbe upgraded Signature Bank (NASDAQ: SBNY) from Equalweight to Overweight with a price target of $146.00.

The analyst comments "We believe the SBNY shares should trade in line with our target multiples for the peer group (around 11.4x our 2020e EPS) as their stronger-than-peer loan and EPS growth is slightly discounted by the possibility of
headwinds from the recent changes to the NYC rent regulation laws. We expect SBNY's core NIM to increase 16 bps by 2021 from 1Q19 levels, versus 10 bps of NIM compression at the average midcap bank while also growing loans at 11.6% versus the median midcap bank at 5.7% in 2019e."

For an analyst ratings summary and ratings history on Signature Bank click here. For more ratings news on Signature Bank click here.

Shares of Signature Bank closed at $120.84 yesterday.

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