Old National Bancorp price target raised to $25 from $24 at RBC Capital

RBC Capital analyst Jon Arfstrom raised the firm’s price target on Old National Bancorp (ONB) to $25 from $24 and keeps a Sector Perform rating on the shares. Old National announced the acquisition of Bremer Financial, which will add scale in the attractive Twin Cities and take pro forma assets to about $70B, the analyst tells investors in a research note. The firm has confidence in management’s ability to receive a timely regulatory approval, integrate the transaction and achieve the favorable merger assumptions.