UPDATE: Janney Downgrades Sterling Bancorp (STL) to Neutral
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Janney analyst Jake Civiello downgraded Sterling Bancorp (NYSE: STL) from Buy to Neutral, PT $25.00 (from $22.00).
The analyst comments "We lower our rating to Neutral and adjust our fair value estimate to $25 (was $22), which reflects the announced terms of the merger agreement. We believe STL shares will trade in conjunction with WBS up until deal closing, with several factors having a restrictive impact on valuation including but not limited to execution risk associated with the size and scale of the deal, potential for culture-related complexity post-deal completion, and sharp-penciled assumptions for cost savings, credit marks and TBV dilution ex-day 2 CECL non-PCD reserve."
Shares of Sterling Bancorp closed at $23.83 yesterday.
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