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Berkshire Hills Bancorp upgraded at Piper Sandler after Brookline merger news

Berkshire Hills Bancorp upgraded at Piper Sandler after Brookline merger news

Piper Sandler upgraded Berkshire Hills Bancorp (BHLB) to Overweight from Neutral with a price target of $34, up from $31, after Berkshire Hills and Brookline Bancorp (BRKL) announced an agreement pursuant to which Brookline will merge with and into Berkshire in an all-stock transaction valued at approximately $1.1B, or $12.68 per share of Brookline common stock. The deal “catapults” the combined company to $24B in assets from about $12B each, creating scale in the Northeast, the analyst tells investors.

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