Market should respond favorably to Old National deal, says Keefe Bruyette

Keefe Bruyette says Old National Bancorp (ONB) is acquiring Bremer Bank in a “well-priced, seemingly low-risk, financially attractive deal.” The market should respond favorably to Old National’s strong pro forma return profile, “rock-solid” balance sheet, strong history of acquisition integration, and “cheap pro forma valuation,” the analyst tells investors in a research note. Keefe keeps an Outperform rating on Old National with a $23 price target