Keefe, Bruyette & Woods Downgrades ECB Bancorp (ECBE) to Market Perform; Updating Thesis

Keefe, Bruyette & Woods downgraded ECB Bancorp (NASDAQ: ECBE) frm Outperform to Market Perform with a price target of $15.50.

KBW analyst says, "We're updating our thesis on ECBE post its 2Q11 performance, announced $75 million capital raise and related branch deal, which translates into a ratings downgrade to Market Perform. We're adjusting EPS estimates with the share dilution and deal, although maintaining our same price target, which is a discount to pro-forma tangible book. We believe ECBE will have a hard time growing organically and finding appropriately priced acquisitions in the near term."

For more ratings news on ECB Bancorp click here and for the rating history of ECB Bancorp click here.

Shares of ECB Bancorp closed at $13.25 yesterday.

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