Boenning & Scattergood Upgrades First Niagara Financial (FNFG) to Outperform; Long-term Growth Prospects

Boenning & Scattergood upgraded First Niagara Financial (NASDAQ: FNFG) from Neutral to Outperform with a price target of $16.50.

Boenning analyst says, "FNFG shares are off by 15% from their 12-month high formed in February, driven by multiple compression in the bank space and speculation that the company could execute another major acquisition near-term. For comparison purposes, we would note that the SNL Bank & Thrift Index has declined 14% over the same period. Looking forward, we think FNFG shares are likely to outperform peers’ shares by a wide margin, supported by superior organic growth and a solid cash dividend. Moreover, the institution continues to make significant investments in both talent and infrastructure across the footprint, which should bear fruit longer-term."

For more ratings news on First Niagara Financial click here and for the rating history of First Niagara Financial click here.

Shares of First Niagara Financial closed at $12.87 yesterday.

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