Keefe, Bruyette & Woods Upgrades CenterState Banks (CSFL) to Outperform Post Valuation Slide; Q1 Wrap Up

Keefe, Bruyette & Woods upgraded CenterState Banks (NASDAQ: CSFL) to Outperform.

KBW analyst says, "CSFL disappointed from an earnings and credit standpoint missing our low-on-the-Street estimate on higher provisioning and OREO expenses. The closing of its TD Bank deal added $0.25/shr of gains, which CSFL used to offset a higher provision on a reported basis. We are lowering 2011 and 2012 EPS estimates and our price target by $1/shr to $8. With 34% potential upside, we are upgrading the shares."

For more ratings news on CenterState Banks click here and for the rating history of CenterState Banks click here.

Shares of CenterState Banks closed at $6.01 yesterday.

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