Keefe Bruyette upgraded Horizon Bancorp (HBNC) to Outperform from Market Perform with a price target of $19, up from $18. The firm cites the company having announced a series of strategic actions designed to unlock earnings power while improving its interest rate risk, increasing liquidity, and accelerating capital generation to support future growth, the analyst tells investors in a research note. The actions have a “meaningful impact” to the bank’s tangible book value, but their boost to Horizon’s return profile is also “notable”, the firm added.
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