Merchants Bancorp up after brokerage reaffirms 'strong buy' following stock offering

Merchants Bancorp

15/05/2024 18:05

** Shares of multi-family mortgage banking co Merchants
Bancorp  MBIN.O  rise ~1% to $42.93, a day after tumbling 10.5%
on stock offering
    ** Raymond James reiterates its "strong buy" rating on the
stock and a $55 price target, which marks a 29% upside to
stock's last close
    ** "We view the offering as required to support the bank’s
continued strong balance sheet growth trajectory," brokerage
says
    ** Notes MBIN has not had a stock offering since its IPO in
2017
    ** MBIN will maintain a premium valuation relative to peers,
brokerage adds
    ** YTD as of last close, stock has been flat

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))