Keefe Bruyette upgraded First Bancshares (FBMS) to Outperform from Market Perform with a price target of $40, up from $31. The analyst believes the bank’s sale to Renasant (RNST) is attractive for shareholders as it relieves First Bancshares “of the burden of crossing $10B and pro forma combines to create a highly profitable” franchise with “strong capital, credit quality, and core deposit base.” The firm upgraded First Bancshares to coincide with its upgrade of Renasant post the deal.
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