Banner Corporation (BANR) PT Raised to $75 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Kelly Motta raised the price target on Banner Corporation (NASDAQ: BANR) to $75.00 (from $73.00) while maintaining a Market Perform rating.

The analyst commented: "BANR recently announced the acquisition of Pacific Financial Corp (PFLC), a $1.3B-in-asset bank (8% of legacy BANR) in western Washington and northern Oregon. We view the proposed transaction as wholly consistent with BANR's stated M&A strategy (selective interest in strong core deposit franchises that add density to the footprint) as well as attractive financially (reasonable <3Y earnback with modest TBV dilution). We are adjusting estimates post announcement and raising PT to $75 (from $73); maintaining MP rating."

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