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Fly News Breaks for November 4, 2019
SSB
Nov 4, 2019 | 07:36 EDT
Stephens analyst Tyler Stafford upgraded South State to Equal Weight from Underweight citing what he views as "the market's persistent indifference for relative fundamental valuation." Despite consensus 2020 net income estimates having come down 23% since the third quarter of 2018, the stock has outperformed by 7.7%, noted Stafford, who said he failed to appreciate the aggressiveness of the company's buyback activity as well as the "magnitude of the market's gravitation" towards South State's higher quality aspects. He suspends his previous $67 price target on the stock as he struggles "justifying a reasonable multiple," Stafford added.
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