UPDATE: Raymond James Upgrades Cadence BanCorp (CADE) to Outperform

May 14, 2021 4:21 AM EDT
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Price: $19.14 +1.27%

Rating Summary:
    2 Buy, 9 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 16 | Down: 11 | New: 19
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(Updated - May 14, 2021 7:26 AM EDT)

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)."

For an analyst ratings summary and ratings history on Cadence BanCorp click here. For more ratings news on Cadence BanCorp click here.

Shares of Cadence BanCorp closed at $22.42 yesterday.

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