Compass Point Upgrades Union First Market Bankshares (UBSH) to Buy

Compass Point upgraded Union First Market Bankshares (NASDAQ: UBSH) from Neutral to Buy with a price target of $29.00 (from $28.00) amid transferred coverage to Laurie Hunsicke.

Hunsicke comments, "We revise our operating FY2014E from $1.69 to $1.66 and our FY15E from $1.97 to $2.01; we raise our PT from $28 to $29, representing 2.1x TB and 14x FY15E; and accordingly, we raise our rating from Hold to Buy. UBSH shares currently trade at 1.7x P/TB and 12x FY2015E, a discount to its peers; we believe that the upside from the StellarOne Corporation acquisition (STEL-NC/no longer trades) has not yet been fully reflected in the UBSH stock price and that 3Q14 will provide the first virtually clean look. We believe that UBSH offers investors a unique opportunity to invest in the 2nd largest publicly-traded VA-based bank; UBSH is a well-capitalized, 100+ year old, clean, $7 billion-asset sized bank, with a board/management team that has a proven track record of being good stewards of capital."

For an analyst ratings summary and ratings history on Union First Market Bankshares click here. For more ratings news on Union First Market Bankshares click here.

Shares of Union First Market Bankshares closed at $23.35 yesterday.

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