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FSB

Franklin Financial Network

$35.50

-0.05 (-0.14%)

16:19
10/18/16
10/18
16:19
10/18/16
16:19

Franklin Financial Network reports Q3 EPS 62c, consensus 66c

Reports Q3 provision for loan losses $1.392M and net charge-offs of 0.01% of average loans compared with negligible net recoveries for the Q2.

  • 19

    Oct

FSB Franklin Financial Network
$35.50

-0.05 (-0.14%)

06/29/16
BOFA
06/29/16
DOWNGRADE
Target $35
BOFA
Neutral
Franklin Financial Network downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill downgraded Franklin Financial to Neutral and lowering its price target to $35. The firm adjusted earnings estimates for the pushed out timeline of the Civic bank merger and a lower interest rate outlook, and expects shares to consolidate the significant gains since the company's 2015 IPO.
06/29/16
06/29/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on the today's top five analyst downgrades with this list compiled by The Fly: 1. HeartWare (HTWR) downgraded to Equal Weight from Overweight at Barclays by analyst Matthew Taylor, saying he does not expect a competing takeover bid to Medtronic's (MDT) offer. The analyst raised his price target for the shares to $58 from $35. Similarly, shares were downgraded to Market Perform from Outperform at Wells Fargo, with analyst Larry Biegelsen saying he sees a low likelihood that a higher bidder will emerge. The analyst believes Medtronic paid a fair valuation for HeartWare. HeartWare was also downgraded to Neutral from Buy at BTIG. 2. Esperion (ESPR) downgraded to Neutral from Overweight at JPMorgan by analyst Jessica Fye, who slashed her price target for shares to $15 from $50. The analyst says last night's regulatory update is a net negative. Disappointingly, the FDA did not sign off on the use of LDL-C lowering as an acceptable regulatory endpoint for approval of bempedoic acid for the treatment of statin-intolerant patients, Fye tells investors in a research note. The analyst still believes bempedoic acid is an effective LDL-C lowering agent, but now sees a drawn out path to approval in the U.S. Esperion was also downgraded to Underperform at Neutral at Credit Suisse by analyst Vamil Divan, who says the update on the development plans for bempedoic acid leaves him increasingly concerned about the products outlook in the U.S. market. The analyst was surprised that the FDA may not be willing to allow LDL-C as a surrogate endpoint for initial approval but believes there will be significant pressure, and limited upside, on shares until that certainty is obtained, and that process may take years to play out. Esperion was also downgraded to Sector Perform from Outperform at RBC Capital. 3. Comerica (CMA) downgraded to Underperform from Neutral at BofA/Merrill, which reduced its price target to $36 from $45. The firm's analyst lowered estimates 8% below consensus for 2016 and 17% below consensus in 2017 due to low rates that will pressure spread revenue growth, slower U.S. economic growth, and continued reserve build. The firm also downgraded Regions Financial (RF), Synovus (SNV), Texas Capital (TCBI) and Franklin Financial Network (FSB) to Neutral from Buy, as well as Zions Bancorp (ZION) to Underperform from Neutral. 4. comScore (SCOR) downgraded to Neutral from Positive at Susquehanna, citing uncertainty surrounding its accounting issues. The firm continues to like the long-term fundamental story, but with an unclear timeline for its resolution, they are moving to the sidelines. Susquehanna lowered its price target to $18 from $30 on comScore shares. 5. Harman (HAR) downgraded to Sector Perform from Outperform at RBC Capital partly based on the low number of new car launches next year, the firm's forecast for reduced production by the company's European customers, and the firm's reduction in its U.S. auto production versus its previous forecast. Additionally, the firm expects GM (GM) to delay a number of its connected car launches that had been slated for fiscal 2017 until fiscal 2018. The firm lowered its price target to $73 from $85. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/06/16
RAJA
09/06/16
INITIATION
Target $40
RAJA
Outperform
Franklin Financial Network initiated with an Outperform at Raymond James
Raymond James analyst Daniel Cardenas initiated Franklin Financial with an Outperform and $40 price target. The analyst said the company remains well positioned to continue to post double digit balance sheet and income statement growth, supported by a sound capital base and shareholder-oriented management team. He believes these factors leave the company well-positioned to experience a pickup in earnings power, tangible common equity levels, and tangible book value per share.

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