HomeStreet upgraded to Buy from Neutral at Janney Montgomery Scott

Janney Montgomery Scott analyst Timothy Coffey upgraded HomeStreet (HMST) to Buy from Neutral with a $14 fair value estimate, up from $11.50. The company’s combination with Mechanics Bank (MCHB) “could be one of the safer investments in an uncertain market,” the analyst tells investors in a research note. Theh firm says the combined company will have $23B in total assets and 168 branches in California, Hawaii, Oregon, and Washington State. The combined company could be one of the most profitable West Coast-focused financial institutions, adds Janney.