Old National inches up after Raymond James upgrades to 'strong buy'

Old National Bancorp

26/11/2024 11:30

** Shares of Old National Bancorp  ONB.O  rise 0.8% to
$23.12 premarket
    ** Raymond James upgrades its rating on ONB to "strong buy"
from "market perform" following the regional lender's $1.4 bln
deal for privately held Bremer Financial
    ** Brokerage says the deal creates a compelling strategic
combination giving ONB a top three market share in the
Minneapolis–Saint Paul region, while also giving it exposure to
a more rural footprint throughout the upper Midwest
    ** ONB shares closed up 6% on Monday after the deal was
announced
    ** Raymond James expects positive momentum in ONB stock to
continue as the strong boost to EPS continues to garner investor
interest
    ** ONB expects deal to boost EPS by 22% by 2026-end 
    ** Five of seven brokerages rate the stock "buy" or higher,
and two "hold"; median PT $27 - LSEG data
    ** As of last close, ONB shares up 35.8% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))