UPDATE - UBS Initiates Coverage on FirstMerit (FMER) with a Buy; The Merits of FirstMerit
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Price: $21.61 --0%
Rating Summary:
7 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
7 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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UPDATE - UBS initiates coverage on FirstMerit (Nasdaq: FMER) with a Buy rating. PT $19.
UBS analyst says, "Strong fundamentals provide a competitive advantage: While several market competitors remain in mired in credit quality clean-up mode, FMER appears better equipped to focus on growth. Asset quality metrics continue to be far superior to peers, while excess capital provides the capacity to fund profitable growth. In fact, we estimate excess capital at FMER could support additional assets of ~$3B, and potentially $0.18 in incremental EPS, which equates to a level of EPS 15% higher than our 2012 estimate."
"Attractive growth opportunities: We believe further acquisitions and organic growth should continue to provide material earnings leverage for the company. FMER appears well positioned to build upon its platform in Chicago, where it currently ranks #14. Chicago is a highly fragmented and dislocated market that we view as highly attractive over the long run (3rd largest MSA)."
To See Ratings Summary & History on FMER, Click Here
UBS analyst says, "Strong fundamentals provide a competitive advantage: While several market competitors remain in mired in credit quality clean-up mode, FMER appears better equipped to focus on growth. Asset quality metrics continue to be far superior to peers, while excess capital provides the capacity to fund profitable growth. In fact, we estimate excess capital at FMER could support additional assets of ~$3B, and potentially $0.18 in incremental EPS, which equates to a level of EPS 15% higher than our 2012 estimate."
"Attractive growth opportunities: We believe further acquisitions and organic growth should continue to provide material earnings leverage for the company. FMER appears well positioned to build upon its platform in Chicago, where it currently ranks #14. Chicago is a highly fragmented and dislocated market that we view as highly attractive over the long run (3rd largest MSA)."
To See Ratings Summary & History on FMER, Click Here
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