UPDATE - UBS Initiates Coverage on Associated Banc-Corp (ASBC) with a Neutral; Still Improving; In-Line Valuation Fair
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Price: $18.42 --0%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UPDATE - UBS initiates coverage on Associated Banc-Corp (Nasdaq: ASBC) with a Neutral rating. PT $12.
UBS analyst says, "Several hurdles have been cleared, such as inflecting credit and TARP repayment. However, we believe an in-line peer valuation, while cheap on historical metrics, is appropriate, given fundamental challenges at this time."
"Restrained relative earnings power: The margin is currently being restrained by nonaccrual loans, a higher non-core funding mix, the lack of loan demand, and some moderate constraints on liquidity deployment. Platform upgrades entail higher costs. While M&I presents a major opportunity, we have accounted for share gains. Finally, our scenario analysis poses more possible downside than upside, restraining our building optimism."
To See Ratings Summary & History on ASBC, Click Here
UBS analyst says, "Several hurdles have been cleared, such as inflecting credit and TARP repayment. However, we believe an in-line peer valuation, while cheap on historical metrics, is appropriate, given fundamental challenges at this time."
"Restrained relative earnings power: The margin is currently being restrained by nonaccrual loans, a higher non-core funding mix, the lack of loan demand, and some moderate constraints on liquidity deployment. Platform upgrades entail higher costs. While M&I presents a major opportunity, we have accounted for share gains. Finally, our scenario analysis poses more possible downside than upside, restraining our building optimism."
To See Ratings Summary & History on ASBC, Click Here
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