Raymond James upgraded Brookline Bancorp (BRKL) to Strong Buy from Market Perform with a $16 price target, following its merger-of-equals with Berkshire Hills (BHLB). The merger creates an attractive northeast franchise with significantly stronger profitability on both a GAAP and cash basis, and the combination of profitability and a strong capital base should afford management greater strategic flexibility to deploy capital via organic growth, dividends, buybacks, and acquisitions, the analyst tells investors in a research note.
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