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.