Boenning & Scattergood Upgrades Susquehanna Bancshares (SUSQ) to Buy

Boenning & Scattergood upgraded Susquehanna Bancshares (NASDAQ: SUSQ) from Neutral to Buy with a price target of $11.00. Analyst Matthew Schultheis said its slide in share price represents a buying opportunity.

"On the company’s 3Q13 conference call, management stressed Susquehanna was entering a stage of internal focus. It took another quarter for the market to fully react to the implications of this, as the lack of aggregate growth became apparent. In our opinion, the current price level represents a compelling entry point. Therefore, we are raising our rating to Outperform from Neutral and establishing our 12-month target price of $11.50. Our target price represents the approximate price-to-earnings and price-to-tangible book value multiples of Susquehanna’s peers," said Schultheis.

For an analyst ratings summary and ratings history on Susquehanna Bancshares click here. For more ratings news on Susquehanna Bancshares click here.

Shares of Susquehanna Bancshares closed at $10.00 yesterday.

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