Janney upgrades Fulton Financial to Buy after Republic First deal

As previously reported, Janney Montgomery Scott upgraded Fulton Financial (FULT) to Buy from Neutral with a $19.50 fair value estimate after regulators on Friday closed Philadelphia-based Republic First (FRBK) and sold it to Fulton. While noting that the firm does not have all the details to update its model, given the potential for significant capital accretion and its view that downside risk is limited after reviewing the pro-forma loan and deposit portfolio, the firm is upgrading Fulton as it sees Republic First bringing the bank “the catalyst we’ve been looking for.”