Keefe, Bruyette & Woods Upgrades Glacier Bancorp (GBCI) to Outperform

Keefe, Bruyette & Woods analyst Kelly Motta upgraded Glacier Bancorp (NYSE: GBCI) from Market Perform to Outperform with a price target of $55.00.

The analyst comments: "We like GBCI for (i) leading EPS growth of 63% over the next two years in KBWe from strong backbook repricing dynamics (highlighted as part of KBW's scorecard analysis, No Trouble with the Curve, published alongside this upgrade), (ii) positioning in higher-growth markets, with diverse loans and granular deposits supported by a "company of banks" model, and (iii) potential upside from deals, which tend to be well-received by the market (minimally dilutive / low execution risk) -- all characteristics that we highlighted in our August note post-HQ visit. As our fundamental outlook is largely unchanged, the relative pull-back in the shares (~1500bps of underperformance QTD) represents an attractive entry, in our view, and we are therefore upgrading to Outperform."

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

Shares of Glacier Bancorp closed at $43.99 yesterday.

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