Keefe Bruyette analyst Christopher O’Connell downgraded Brookline Bancorp (BRKL) to Market Perform from Outperform with a $14.50 price target to to align with the firm’s rating on Berkshire Hills Bancorp (BHLB) following the banks’ merger-of-equals announcement. While the firm views the long-term impact on earnings from the combination “favorably,” it expects this deal extends the timeline towards the re-rating aspect of its stand-alone thesis for Brookline, likely leaving shares relatively range-bound the next few quarters, the analyst tells investors.
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Read More on BRKL:
- Brookline Bancorp upgraded to Strong Buy from Market Perform at Raymond James
- Berkshire Hills Bancorp price target lowered to $31 from $32 at RBC Capital
- Berkshire Hills Bancorp upgraded at Piper Sandler after Brookline merger news
- Brookline Bancorp and Berkshire Hills Merge for Growth
- Brookline to merge with Berkshire in all-stock transaction valued at $1.1B