Wells Fargo Upgrades Signature Bank (SBNY) to Outperform

Wells Fargo upgraded Signature Bank (NASDAQ: SBNY) from Market Perform to Outperform with a price target of $160.00 (from $155.00).

Analyst Jared Shaw comments "Another round of taxi related charge-offs sent shares lower following Q1 results, and masked some stabilizing trends which should benefit SBNY come 2H18 and 2019. We’ve long had a neutral view on the shares given the liability sensitive balance sheet and a competitive NY market which has become even more challenging in a rising rate environment. These obstacles are still in play, however we feel that much of the negative sentiment is already baked into expectations, with potential upside coming from the SIFI threshold being lifted and potential 2H18 capital actions."

For an analyst ratings summary and ratings history on Signature Bank click here. For more ratings news on Signature Bank click here.

Shares of Signature Bank closed at $130.93 yesterday.

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