Brookline Bancorp upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst Christopher O’Connell upgraded Brookline Bancorp (BRKL) to Outperform from Market Perform with a price target of $14.50, up from $12. Brookline has traded at a steep discount to peers and its historical multiples throughout 2024, and while that gap has begun to narrow, there remains “significant opportunity for further rerating towards its historical relative valuation,” the analyst tells investors in a research note. The firm says the primary catalysts to drive this improvement include positive net interest margin momentum due to benefits from lower rates, profitability returning towards peer levels, and easing credit concerns.