HarborOne Bancorp upgraded to Buy from Neutral at Seaport Research

Seaport Research upgraded HarborOne Bancorp (HONE) to Buy from Neutral with a $16 price target after Eastern Bankshares (EBC) and HarborOne announced a definitive merger agreement pursuant to which HarborOne will merge with and into Eastern in a stock and cash transaction. Under the merger agreement, HarborOne shareholders will receive for each share of HarborOne common stock, at the holder’s election, either 0.765 shares of Eastern common stock or $12.00 in cash, notes the analyst, who says the deal solidifies Eastern’s number four position in the Boston metro area.