DA Davidson Starts Nara Bancorp (NARA) at Buy; Building A Dominant Korean-American Banking Institution

DA Davidson initiates coverage on Nara Bancorp (NASDAQ: NARA) with a Buy. PT $11.00.

DA analyst says, "Pending merger with Center Financial (Nasdaq: CLFC) creates the largest Korean-American bank in the U.S. With consolidated assets of approximately $5.3 billion, the combined company will be approximately 75% larger than its nearest competitor in the Korean-American niche. We think the combined company will benefit from cost savings, a prime space in the mind of Korean-American business owners and professionals, and the ability to compete for larger relationships than either bank did on an individual basis."

"Our initial EPS estimates for NARA, which include the pending merger with CLFC, are $0.67, $0.87, and $1.08 for 2011, 2012, and 2013, respectively."

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

Shares of Nara Bancorp closed at $8.74 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Lake Street Starts RF Industries Ltd. (RFIL) at Buy
• JPMorgan Starts Neway Valve Suzhou Co Ltd (603699:CH) at Overweight
• Canaccord Starts Galiano Gold (GAU:CN) at Buy