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Brookline Bancorp downgraded to Market Perform from Outperform at Keefe Bruyette
The Fly

Brookline Bancorp downgraded to Market Perform from Outperform at Keefe Bruyette

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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