Keefe, Bruyette & Woods Starts First Merchants (FRME) at Market Perform; Preparing for Growth

Keefe, Bruyette & Woods initiates coverage on First Merchants (NASDAQ: FRME) with a Market Perform. PT $9.50.

KBW analyst says, "In our view, management has taken significant steps to de-risk and strengthen the balance sheet including multiple capital raises and reducing higher-risk asset classes. Although still working down problem assets, we believe First Merchants is in early stages of transitioning from an internal focus towards a growth strategy. Over time, we expect FRME will return to the M&A arena following further improvement in credit and a stronger capital position."

For an analyst ratings summary and ratings history on First Merchants click here. For more ratings news on First Merchants click here.

Shares of First Merchants closed at $8.20 yesterday.

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