UPDATE: Raymond James Upgrades Business First Banchsares (BFST) Two Notches to Strong Buy; Positive on Pedestal Deal
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(Updated - January 27, 2020 7:29 AM EST)
(updated to add analyst comments)
Raymond James analyst William Wallace upgraded Business First Banchsares (NASDAQ: BFST) from Market Perform to Strong Buy with a price target of $30, saying the Pedestal should be 'transformational'.
The analyst commented, "We are upgrading shares of Business First (BFST) from Market Perform to Strong Buy and establishing a $30 target price following 4Q19 results and the concurrent announcement of a definitive agreement to acquire Pedestal Bancshares. We believe Pedestal will represent a transformational acquisition for the company given added scale and expanded profitability expectations."
Shares of Business First Banchsares closed at $24.65 yesterday.
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