Piper Jaffray Starts Southside Bancshares (SBSI) at Neutral
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Piper Jaffray initiates coverage on Southside Bancshares (NASDAQ: SBSI) with a Neutral rating and a price target of $37.00.
Analyst Brett Rabatin sees some general upside to the stock over time citing improving profitability from Op. leverage & management of expenses, solid loan growth aiding NIM and, additional transformation of the franchise profile away from earnings aided by large MBS/higher-cost funding base.
The PT is based off 16x FY 2018 EPS estimate which translates into 2.25x forward TBVPS estimate.
FY 2017 EPS estimate is for $2.07 and FY 2018 EPS estimate is for $2.31.
Shares of Southside Bancshares closed at $33.81 yesterday.
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