Wall Street bullish on Forbright after $142 million US IPO
BUZZ-Wall Street bullish on Forbright after $142 million US IPO ** Wall Street brokerages start coverage of Chevy Chase, Maryland-based lender Forbright FRBT.O on a bullish note on Monday as IPO research quiet period ends
** The bank raised $142 million by selling 7.9 million shares at the low end of the marketed range of $18 to $20
** Wells Fargo, Barclays, TD Cowen, Piper Sandler, J.P.Morgan among Wall Street brokerages initiating coverage on FRBT
** Piper Sandler says FRBT operates rapidly expanding commercial lending businesses funded with its best-in-class and highly scalable digital deposit gathering platform
** J.P.Morgan says FRBT has built a nationwide middle-market lending platform and has deliberately focused on serving customers across six verticals-healthcare finance, lender finance, fund finance, real estate finance, corporate finance, and asset finance
** Goldman Sachs, J.P. Morgan and Barclays acted as joint lead book-running managers for IPO
** As of last close, FRBT stock up 4.1% since June debut
Brokerage | Rating | Price Target |
Wells Fargo | Overweight | $21 |
Barclays | Overweight | $23 |
TD Cowen | Buy | $23 |
Piper Sandler | Neutral | $21.5 |
J.P.Morgan | Neutral | $21 |
(Reporting by Pragyan Kalita in Bengaluru)
((Pragyan.Kalita@thomsonreuters.com;))
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