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Berkshire Hills Bancorp price target raised to $34.50 from $32 at Keefe Bruyette
The Fly

Berkshire Hills Bancorp price target raised to $34.50 from $32 at Keefe Bruyette

Keefe Bruyette analyst Christopher O’Connell raised the firm’s price target on Berkshire Hills Bancorp (BHLB) to $34.50 from $32 and keeps a Market Perform rating on the shares following the bank’s merger-of-equals announcement with Brookline Bancorp (BRKL). Following the deal announcement, the firm is adjusting its stand-alone EPS estimate for Berkshire Hills to $2.16 to reflect the $100M common raise and the removal of forward share repurchase estimates. While the firm views the long-term impact on earnings from the combination “favorably,” it expects the re-rating of valuation will take time, the analyst tells investors.

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