UPDATE: Raymond James Upgrades Cadence BanCorp (CADE) to Outperform
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Raymond James analyst Michael Rose upgraded Cadence BanCorp (NYSE: CADE) from Market Perform to Outperform with a price target of $26.00.
The analyst comments "We are upgrading CADE shares from Market Perform to Outperform and establishing a $26 price target following virtual investor meetings we hosted with the management teams of both Cadence and BancorpSouth yesterday. Given our corresponding upgrade of BXS shares (link) today, we see upside in both shares which in our view have a strong potential to re-rate higher. While we may be early in our call given an expected closing of BancorpSouth's acquisition of Cadence (link) in 4Q21, we walked away from the meetings with increased confidence in management's ability to exceed previously stated cost savings (~$78 million or 7.3% of combined noninterest expense base; 75% realized in 2022) and EPS accretion targets (17% in 2022)."
Shares of Cadence BanCorp closed at $22.42 yesterday.
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