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Fly News Breaks for September 23, 2015
KEY, BBT, NYCB, FNFG
Sep 23, 2015 | 13:30 EDT
Boenning & Scattergood analyst Matthew Schultheis says First Niagara (FNFG) "is not selling at the top of its game" and that any potential buyout would likely be around $12 per share. The stock is trading up $1.14 to $10.10 after media reports stated the company has hired JPMorgan to explore a possible sale. Potential suitors for First Niagara include New York Community Bancorp (NYCB), BB&T (BBT), KeyCorp (KEY) and a large Canadian bank, Schultheis tells investors in a research note. He keeps a Neutral rating on First Niagara.
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