UPDATE: DA Davidson Upgrades National Bank Holdings (NBHC) to Buy

(updated to add analyst comment)

DA Davidson upgraded National Bank Holdings (NYSE: NBHC) from Neutral to Buy with a price target of $38.00 (from $36.00).

Analyst Jeff Rulis comments "With the expectation for an improved credit quality outlook, better operating leverage and higher projected profitability, we are raising our price target from $36 to $38, which equals 16.9x our 2019 EPS estimate and 2.1x current TBV. The P/TBV multiple puts valuation squarely between the small and mid cap averages of roughly 190% and 230%, respectively. With NBHC at around a $1B market cap, we believe a hybrid average P/TBV multiple is appropriate."

For an analyst ratings summary and ratings history on National Bank Holdings click here. For more ratings news on National Bank Holdings click here.

Shares of National Bank Holdings closed at $32.52 yesterday.

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