Janney Montgomery Scott Upgrades Sun Bancorp (SNBC) to Neutral; Credit Problems Persist, But Common Stock Raise(s) Hopes
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Price: $24.50 --0%
Rating Summary:
1 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
1 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Janney Montgomery Scott upgraded Sun Bancorp (NASDAQ: SNBC) from Sell to Neutral. New PT $3.50.
JMS analyst says, "Sun's recent equity offering recalls the adage that "banks are like battleships - it takes a long time to turn them around, but it also takes a lot to sink them." The latter part of that saying is particularly true when well-heeled investors commit to improve the organization's fortunes. The offering helps Sun exceed the capital requirements for the formal agreement with the OCC and the additional capital also buys time for management to resolve significant credit-related problem assets. Revenue and balance sheet growth, however, will likely be restricted until credit woes are alleviated."
"We revise our fiscal 2011 earnings (loss) per share to ($0.75) from ($0.85), which reflects the changed share count and elevated loan loss provisioning. We establish our fiscal 2012 earnings (loss) estimate of ($0.20)."
For more ratings news on Sun Bancorp click here and for the rating history of Sun Bancorp click here.
Shares of Sun Bancorp closed at $3.40 yesterday.
JMS analyst says, "Sun's recent equity offering recalls the adage that "banks are like battleships - it takes a long time to turn them around, but it also takes a lot to sink them." The latter part of that saying is particularly true when well-heeled investors commit to improve the organization's fortunes. The offering helps Sun exceed the capital requirements for the formal agreement with the OCC and the additional capital also buys time for management to resolve significant credit-related problem assets. Revenue and balance sheet growth, however, will likely be restricted until credit woes are alleviated."
"We revise our fiscal 2011 earnings (loss) per share to ($0.75) from ($0.85), which reflects the changed share count and elevated loan loss provisioning. We establish our fiscal 2012 earnings (loss) estimate of ($0.20)."
For more ratings news on Sun Bancorp click here and for the rating history of Sun Bancorp click here.
Shares of Sun Bancorp closed at $3.40 yesterday.
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