First Busey price target raised to $33 from $31 at Keefe Bruyette

Keefe Bruyette analyst Damon DelMonte raised the firm’s price target on First Busey (BUSE) to $33 from $31 and keeps an Outperform rating on the shares. The bank’s deal for CrossFirst Bancshares (CFB) expands it presence to the West, pairs a “strong commercial originator with a quality core deposit base,” and offers First Busey an opportunity to expand wealth and payment solutions fee income, the analyst tells investors in a research note. The firm says pro forma expectations for the deal are favorable with earnings accretion expected to be around 20% and minimal book value dilution. The deal will position First Busey for sustainable growth and above-peer performance, contends Keefe.