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Fly News Breaks for July 11, 2019
Jul 11, 2019 | 17:04 EDT
DA Davidson analyst David Bishop initiated Sterling Bancorp with a Buy rating and a price target of $25. The analyst contends that the bank offer a "strong commercial banking platform within the New York metro area" and that its lending platform should offer growth opportunities that will continue to generate "healthy" earnings and superior relative profitability. Bishop also points to the "material" earnings multiple discount that offers a "compelling" entry opportunity for investors and already prices in "too draconian assumptions" related to Sterling's asset growth and net interest margins.
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