S.Y. Bancorp Upgraded to “Buy” by DA Davidson (SYBT)
S.Y. Bancorp (NASDAQ:SYBT) was upgraded by analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $35.00 price objective on the stock, down from their previous price objective of $36.00. DA Davidson’s price target would indicate a potential upside of 17.17% from the company’s current price.
The analysts wrote, “We believe loan growth is likely to remain quite good driven by several factors,” the report noted. “First, management is differentiating SYBT as the hometown Louisville bank competing very effectively with the large banks on price and service. Second, loan growth is likely to improve at the bank’s operations in Cincinnati and Indianapolis following recent hires in commercial lending. Third, the Louisville economy has benefited in recent years from significant hires at the two Ford (F – $15.84) plants, GE appliance (GE – $27.22) and UPS International Shipping (UPS – $102.12). Fourth, the $2.5 billion Ohio River Bridge Project between Indiana and Kentucky, expected to begin in 2014, should be a significant boost to jobs and the economy in the region.”
S.Y. Bancorp (NASDAQ:SYBT) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks downgraded shares of S.Y. Bancorp from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday, November 19th. They now have a $32.50 price target on the stock. Analysts at Hilliard Lyons downgraded shares of S.Y. Bancorp from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, October 24th.
S.Y. Bancorp, Inc (NASDAQ:SYBT) is a bank holding company of Stock Yards Bank & Trust Company (the Bank).
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