Boenning & Scattergood Upgrades National Penn Bancshares (NPBC) to Outperform; Reports Better-Than-Expected Quarter

Boenning & Scattergood upgraded National Penn Bancshares (NASDAQ: NPBC) from Neutral to Outperform. PT $11.

Boenning analyst says, "NPBC shares have traded off about 10% from their 12 month high established in January 2011, largely in line with the bank market. However, since then, National Penn’s long-term earnings outlook has brightened considerably. The redemption of TARP preferred in March and material improvement in credit quality observed in 4Q10 and 1Q11 bode well for the earnings recovery currently underway. More specifically, we think the company is poised to benefit markedly over the next several quarters from major reserve releases. With this context in mind, we are upgrading NPBC stock...We are raising our 2011 and 2012 operating EPS estimates to $0.55 and $0.76, respectively, from $0.46 and $0.63."

For more ratings news on National Penn Bancshares click here and for the rating history of National Penn Bancshares click here.

Shares of National Penn Bancshares closed at $7.87 yesterday.

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